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Taking place at the company's US headquarters, it will "mark the beginning of a new generation of games, TV and entertainment", according to a blog by Xbox Live director Larry Hyrb.
"We'll share our vision for Xbox and give you a real taste of the future," adds Hyrb.
"Then, 19-days later at the Electronic Entertainment Expo (E3) in Los Angeles, we'll continue the conversation and showcase our full lineup of blockbuster games."
Microsoft's big reveal will also be live streamed on the internet from 10am local time.
A new Xbox, reportedly code named Durango, has been rumoured for some time and follows Sony's announcement in February of the PlayStation 4.
Specifications and features of the new Xbox are still a closely-guarded secret.
Graphics and processing power are sure to get a big boost, though, and it appears the console will be positioned as an 'entertainment hub' rather than purely a games console, meaning it may be able to stream films and television.
Fans will also be waiting to hear whether rumours are true that the console will need to be permanently connected to the internet.
Debate intensified earlier this month after one of Microsoft's creative directors tweeted about the possibility.
Microsoft distanced itself from the remarks and said it had "no further comment on this matter".
Some gamers have expressed anger at the prospect, saying it would be problematic in areas with below-par connectivity and claiming Microsoft could also use it to stop people playing second-hand games.
Microsoft's current console, the Xbox 360 is the UK's best-selling console with 29% of total sales, while the PlayStation 3 has 23% of the market.
Sony's next generation machine, due out at Christmas, has an eight-core processor and will allow users to stream and play video games hosted on servers.
-yahoo news
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