The long awaited Xbox 720 will possibly be revealed at an event on May 21.

According to Paul Thurrott, US blogger, the date has been changed from April 26 to sometime in May.

Customers may also be able to purchase the Xbox at $300 with a subscription. The machine, codename: Durango, has been reported to retail for around $500 without a subscription.

Thurrott also claims that Microsoft is planning to bring out a budget version of the Xbox 360 later in the year, codenamed Stingray.

Xbox 720 will require an internet connection that is always on (à la Sim City?). When speaking to What the Tech, Thurrott said “going back and looking at some of the stuff I got a long time ago, it actually says ‘must be internet connected to use’ – in the notes. That’s all I have, but it does say that.”

Microsoft recently made a public apology regarding the Twitter comment made by Adam Orth, Microsoft Game Studios director. In the comment, Orth (@adam_orth) wrote “Sorry, I don’t get the drama around having an “always on” console. Every device now is “always on.” That’s the world we live in,” followed by the hashtag #dealwithit.

Are you looking forward to the Xbox 720 release? Let us know below.