AJ Studios is working on the an update called the TU14, for Minecraft Xbox 360 Edition.
Anticipation is rising for this release since the developer announced on Twitter that this update exceeds prior expectations.
The update will now include a feature set that will be added to the PS3 as well.
According to AJ Studios, the update will be based on the Java 1.3.1 version along with a few things from later versions.
The much anticipated update will feature an Adventure mode, trading with villagers, the ability to write in books with a new Pen and Quill, and improved enchanting and experience collections.
Changes to be included in this update are world generati including desert temples, desert villages, jungle temples and Emerald Ore blocks. The Emerald Ore can be made into Emerald and then traded with other villagers.
At this time AJ Studios has not given any hint to the actual release date. Minecraft fans are adamant that this update will improve the current version of the game.