Postponing the unveiling of its next-generation Xbox, Microsoft may release its gaming console at an event on 21st May. As reported by Windows Watcher Paul Thurrott, Microsoft is planning an Xbox event for May 21st, while the console will launch in early November.

Dropping the moniker “720”, Microsoft has named the console just “Xbox”, which will and cost around $500. A lower price $300 model will also be available with some form of subscription. Maybe Xbox LIVE? So, this next-gen box (Earlier codenamed as Durango) is pretty expensive.

Talking about the console’s rumored “always-online” component, Thurrot said,

“Looking at some of the stuff I got a long time ago, it actually says ‘must be internet-connected to use’ in the notes. And that’s all I have, but it does say that.”

-which is nothing new and we already know about.

Besides, Thurrot also mentioned two other unannounced Xbox-branded machines. One code-named “Yumo”, which is purely for entertainment apps, rather than games. The other machine is a new budget-priced Xbox 360 model, code-named “Stingray”.

“So the new Xbox that comes out this year will just be the Xbox. And I mentioned before they’re also going to sell a new Xbox 360 code-named ‘Stingray’ that will be $99. And you might look at that as two things: backwards compatibility, obviously, suggesting—I don’t actually know this for a fact, but based on the fact that they’re making one—I don’t think that the new Xbox will play 360 games. But that I don’t actually know, that I’m guessing. But, the other one is that, $99, that’s a real coo price. And so we know that the Xbox 360 does Netflix, Hulu Plus, yada yada yada, and you can make the argument that’s kind of a low cost entertainment device, too.”

Earlier in March, a handful of technical details leaked out about the new Xbox while Microsoft had a meeting with the investors.