Tech giant Microsoft has been working on their upcoming Xbox upgrade dubbed Xbox Project Scorpio, and despite the lack of a specific release date, Xbox executive Phil Spencer assures fans that the console will definitely be out sometime in 2017.

Speculations suggest that the upcoming enhanced version of the Xbox One will boast a significantly improved gaming system along with a set of features that surpass the current generation of Xbox consoles.

Upon Xbox Project Scorpio's release, the console is expected to have virtual reality support, a feature that major competitor PlayStation 4 Pro already possesses. What's more is that the upcoming Xbox console is said to sport full 4K high-resolution display when it comes to playing videos games.

Other speculations suggest that the new Xbox Scorpio will certainly provide its users with completely swift graphics with its 60-gigahertz (GHz) clock speed. Additionally, it is speculated that the console's 60GHz clock speed could make it one of the best consoles for virtual reality games.

On another note, despite Sony's current grasp on the gaming market because of the recently released PlayStation 4 Pro, Xbox executive Phil Spencer expressed the company's need for more time to produce a high-quality gaming console.

"We want to sit down and get to know each and every component going into the console and how we can perfect it showing the best gaming can offer," Spencer said during an interview with Japanese magazine Famitsu.

And to put down any rumors that suggest a release delay for the Xbox Project Scorpio, Spencer confidently stated that they "truly believe that Project Scorpio will be available next year without fail."

Spencer also assured fans that they should not worry about the enhanced Xbox console's price, especially since the price tag for the upcoming Xbox Project Scorpio will be around the same price as the Xbox One S.