The long-awaited update that finally brings backward compatibility to the Xbox One will finally be released on Nov. 12.

The news came courtesy of Xbox head Phil Spencer during the official livestream launch for "Halo 5."

The upcoming system update, also known as the New Xbox One Experience, adds the backward compatibility feature that will allow fans to play Xbox 360 titles on the Xbox One, Gamespot reported.

As of now, only selected Xbox 360 titles can be played on the Xbox One using the backward compatibility feature, and it's unclear just how many games the company plans on making available in the long run.

Backward compatibility for the Xbox One was made available earlier this year, but only to preview program members. With the arrival of the new update, more players will finally be able to try out the backward compatibility feature for themselves.

Also coming via the system update will be the redesigned Xbox One dashboard. 

A variety of new features for the Xbox One are also expected to become available courtesy of the revamped dashboard, and players will be able to have a look at those for themselves when the system update is officially launched.

In related news, the recently released Xbox One Elite controller is reportedly sold out, according to Venture Beat.

Fans looking to get their hands on the new controller have indicated that they are completely sold out in stores and also unavailable online.

Unfortunately for people looking to get the controller, they may have to wait a while to do so.

Folks who were able to put in a last second order for the Xbox One Elite controller said that they received a notification indicating that it would not be shipping again until the middle of November.

That would mean that the next time the Xbox One Elite controller could show up in stores is right in the middle of the holiday shopping rush.