Sources related to development of the new Xbox have confirmed to IBTimes UK that the console, which is scheduled to be launched on 21 May, will be called Infinity.

The new information follows a supposed leaked image which appeared on Reddit recently, advertising the Xbox Infinity. Prior to that, the new Xbox was labelled either Xbox 720, a natural successor of the name Xbox 360, or Durango, its alleged development codename.

But sources have now revealed the console will be named Infinity and that development kits are already in the hands of studios. However, when contacted for confirmation, Microsoft said it "does not comment on rumour and speculation."

Another image which appeared on NeoGaf suggested the next Xbox would be simply called "Xbox" with Microsoft losing any numbers or subtitles, similar to Apple's naming of the latest iPad. However, a user on VG Leaks examined the picture and found the lettering was not in a straight line, implying the logo was not created by Microsoft professionals.

Other recent Xbox rumours include speculation that Respawn Games, co-founded by Modern Warfare creators Vince Zampella and Jason West, may be developing a launch title for the new console. There is also the possibility that always-online functionality, which has long been a concern to consumers looking to continue playing second-hand games, may be activated or deactivated at developers' discretion, meaning that some games will always need to be connected to the internet and some will not.

The new Call of Duty game, Call of Duty: Ghosts will also be available on the Infinity. After the launch of a short teaser trailer, the game is now set to be unveiled in full alongside the new Xbox on 21 May.

Though Microsoft has given no official word on a release date, the Infinity is expected to launch in November, 2013, to coincide with the PlayStation 4's release in the US and Asia.