The Xbox 720 is set for release later this year and new rumors have emerged surrounding the specs gaming fans can expect from the next generation console.

On Tuesday a new report from Club.TGCER.com emerged that claimed to highlight a number of the specs that will be available from the Xbox 720.

It suggested that the Xbox 720 would have an 8-core CPU, a customized AMD 8800 series GPU, and pack 8 GB of RAM, which is much higher than the 2GB RAM found on rival console, the Nintendo Wii U.

Windows 8 will also be used as the operating system of the console, according to the report. It will also come with an extensive 640 GB of hard disk space, which doubles the largest storage available on the current Xbox 360.

In other news the Xbox 720’s release date has been rumored to be set for June 11, according to various media reports.

Xbox Live's Larry Hyrb has started the official countdown for the console's launch, and the June date seems the most likely for the release, according to many analysts.

The E3 video gaming event could see the company present the new Xbox 720, which is one of the most eagerly anticipated gaming consoles of all time.

It is believed that Microsoft will not show off the console by presenting it alongside a sequel to one of the most popular games on the market, as they have done with previous launches. Often they would have used games such as Halo or Gears of War to show off the new capabilities and game play on the next generation console. However, gamers will have to wait longer until seeing what the Xbox 720 can provide in relation to those popular games.

It is rumored that the new Xbox 720 will be released with the Kinect feature build directly into the device. In the Xbox 360 a separate unit os provided to provide the Kinect feature. This should streamline the entire console and make it much more attractive and portable.

Various images of what the Xbox 720 could potentially look like have been leaked. They indicate that the system will be able to track four players simultaneously. It also indicates that the system will have a clearer integration with the PC as well as Microsoft’s Windows Phone 8.

In line with the new reports described above, other reports have also suggested that the physical disk drive could also be eliminated on the new device, meaning that Microsoft shifts gaming purchases entirely to online shopping. Games will be purchased online and downloaded. This would allow gamers to potentially use demo versions, free versions of games that provide a taste of the game play available, in the hope the gamer purchases the full version after.

However, that news could hit gaming retail stores hard.