Noted Windows blogger Paul Thurrott claims that a “subscription based” next-gen Xbox will cost $300, and the standard model will be $500.

The Xbox 720/Durango/Next-Gen Xbox will launch in November of this year, and set you back $500 for the standard edition, or $300 for a “subscription based” model, claims noted Microsoft insider Paul Thurrott on the latest episode of What The Tech. He described the platform overall as “expensive.”

Microsoft will spill the beans on its next-generation Xbox at an event on May 21, according to Windows blogger Paul Thurrott and a report from The Verge.

Originally scheduled for April, the event was pushed back to May, sources have told the Verge.

The latest rumour and speculation surrounding the forthcoming Xbox 360 successor – whatever it may be called…

Since it now seems unlikely we’ll see a PlayStation 4 announcement this year, the eyes of the incurably attention-deficit games industry have now flicked back toward the next Xbox. So what are Microsoft’s plans for the console that people are (erroneously, yet conveniently) calling Xbox 720?

If you’ve managed to fall behind on all the latest speculation, here’s a round-up of the key stories.