After Sony revealed the PlayStation 4 in February, everybody turned to Microsoft expecting a reveal of the next Xbox. Previous rumors suggested an April showing, but a new report says that we won’t be seeing anything about the new console until May.

Paul Thurrot revealed during the latest “What the Tech?!” podcast that Microsoft would be unveiling its next Xbox on May 21. The Verge was able to confirm the date with sources close to Microsoft saying that the event was originally schedule for April, but was pushed back to May for an unknown reason.

There wasn’t much more information revealed about the console, but Thurrot did throw out one interesting tidbit – the price. He claims that the next Xbox will retail for $500, but will only cost $300 if the consumer chooses to go with a subscription service. A subscription model would be nothing new for the company as it already offers the Xbox 360 for $99 with a two-year contract that has the consumer paying a monthly fee for Xbox Live.

Interestingly enough, Thurrot also says that the internal Microsoft documentation he has mentions the always online requirement that stirred up quite a bit of controversy last week.

As for the event itself, The Verge’s report says that Microsoft will be holding a small event in May to officially unveil the console and a few of its core features. The company will be saving most of its big announcements, however, for E3 in June.

[h/t: NBC News]