Microsoft has already confirmed that an additional upgrade, aside from the Slim version, is on the way for the Xbox One. Reportedly, the new console dubbed Project Scorpio will be released in fall next year.

At the recently concluded E3 2016, Microsoft confirmed that at least two new Xbox One iterations would launch as upgrades to the company's current-gen console. Since the Xbox One S is already out, fans are now looking forward to Project Scorpio. However, fans will need to wait until late next year for the new console.

The time spent on waiting is being put to good use, though. According to GamingBolt, Aaron Greenberg, marketing lead for Xbox, promised that the Project Scorpio will be the most powerful console when it releases sometime in fall 2017.

Alhough not declaring a specific release date, Greenberg teased, "... If you want the beast, you want the 6 TFLOP monster coming net holiday, we have that too. And it feels so great to be able to share that, not just with our fans, but also with our development partners, who'll be thinking about 'how do I make those great experiences come to life on the console next holiday?'"

Though Microsoft has yet to come out with the specs sheet for the new console, it is already confirmed that the Xbox Project Scorpio will launch with at least 6 teraflops of computing speed, making more powerful than its upcoming rival, the PS4 Neo (rated at around 4 teraflops). In addition, Xbox chose to pack major upgrades in the Project Scorpio console, since the system will support 4K gaming and VR content. With these features, Project Scorpio is deemed to be a major Xbox upgrade, in a much-higher league than the Xbox One S. Although the Slim version features some tweaks and improvements, it is only considered as an in-between launch for the original Xbox One.