Microsoft is working on a pair of next-generation Xbox consoles codenamed 'Anaconda' and 'Lockhart', according to reports.
The two consoles will reportedly have a similar dynamic to the current Xbox One X and Xbox One S, with the Anaconda believed to be a more expensive, more powerful unit, while the Lockhart would be a cheaper, baseline model.
According to the reports, which originated at Windows Central, Microsoft plans to release the consoles in 2020.
The news comes after a similar report that Sony is working on the PlayStation 5, also allegedly set to release in 2020.
"The Anaconda console will be more powerful and more expensive, providing a cutting-edge console gaming experience. We've also heard Microsoft is exploring technology to dramatically reduce loading times, potentially including SSD storage in the package," reports Jez Corden on Windows Central.
"The next-gen Lockhart console will be the affordable SKU, providing the next-gen Xbox experience in a package potentially around as powerful as the current Xbox One X, hardware wise, with refinements under the hood."
Both the Anaconda and Lockhart reportedly fall under Microsoft's codename 'Scarlet', which is a family of consoles that also includes handheld and cloud-gaming technology.
While PlayStation announced it was pulling out 2019's E3 for the first time in the expo's 24-year history - which greatly fuelled rumours the company was focusing on a next-generation console - Xbox will still attend the event, as will Nintendo.
Microsoft has not officially commented on the next-gen rumours - however, during its E3 2018 press conference it announced it was already "deep into architecting the next Xbox consoles, where we will once again deliver on our commitment to deliver the benchmark of console gaming".