Microsoft may take the lead on the console race as it will unveil the next Xbox next week.

Software giant Microsoft already handed out invitations for the unveiling of the next Xbox, dubbed as Xbox 720, Durango or Infinity, on May 21 at Redmond, Washington.

This is supported by reports that the hype towards the Xbox greatest rival PlayStation by Sony has dwindled. PlayStation 4 was introduced last February.

Divisive industry analyst Michael Pachter believes that anticipation for the PlayStation 4 has started to fade as gamers await the announcement of Microsoft's next generation console. However, Pachter cleared that the hype does not translate to purchasing intent.

However, other reports claimed that Sony could win the next-generation with the PS4. According to Cliff Bleszinski, former developer of the Gears of War franchise at Epic Games, PlayStation 4 will continue to dominate the gaming console market because of its amazing features. The PS4 will now have social features.

"I think those who get it with the next-generation will get the idea of connectivity and sharing and allowing the user to build the content. I feel like Sony's really embraced that vibe, and the homebrewed and homegrown movement that's really taken over, and what a cool thing that somebody in his garage made as a mod that is going to go viral tomorrow," Bleszinski told Engadget via Push Square

Meanwhile, the Xbox Infinity will be showcased at a "special unveiling" by Microsoft's President of Interactive Entertainment Don Mattrick and the Xbox team. The next-generation Xbox launch should be used to unveil the new console, which is tipped to have the same eight-core x86-64 AMD Jaguar processor with 8GB of RAM as the PS4 console revealed in February.

Rumoured to play host to two separate CPUs for dedicated gaming and multimedia processing capabilities, the Xbox Infinity could also have the new Kinect 2 motion gaming peripheral, Xbox TV streaming service and 3D technology.

The Xbox 720 always-on DRM connection has recently been debunked by an apparently legitimate internal Microsoft email, which also tipped the next-gen console to pack a Blu-ray player and HDMI input connection.

The next generation of Xbox console is expected to be announced on the 21st of May this year and was expected to be launched during the holiday season. The new Xbox might not become available earlier than the first quarter of 2014.

However, Microsoft will face stiff competition with the release of Playstation 4. Sony's upcoming next generation console is scheduled for release the holiday season of 2013.