Reports claim next-gen Xbox will launch 2013

The next Xbox will be available to buy before the end of next year, according to reports from Bloomberg.

The news outlet claims that 'people familiar with the company's plans' have said Microsoft is targeting a Thanksgiving and Christmas launch for the new console.

Microsoft isn't sure about when to reveal the new Xbox, however, with the next E3 Expo in June or a separate independent event being possibilities.

The PlayStation 4 is also expected to launch in late 2013, with analysts predicting that Sony won't want to give Microsoft a head start in sales.

The end of the year is a popular time for new hardware releases, with Nintendo's new Wii U console having just launched today in Europe.