The news comes after devkits were sent out to developers following a secret meeting in London last month, reports CVG.
The kits aren't thought to represent the final appearance of the new Xbox, which is codenamed Durango, but they do house the same technology.
This includes a 16-core IBM Power PC CPU, with a graphical power on par with AMD's Radeon HD 7000-series graphics cards.
"It's a ridiculous amount of power for a games machine - too much power, even. But remember, Kinect 2 could chew up four whole cores tracking multiple players right down to their fingertips, so it'll need a lot of power," Xbox World is quoted as saying.
A recent report suggests that the system will use Blu-ray and an online anti-piracy measure, requiring a constant internet connection.
Other rumours suggest that the new Xbox won't have a disc drive at all, and will house "four to six" core processors.
It has been previously suggested that the Xbox 720 will be six times more powerful than the current Xbox 360, will launch in two different editions - one of which is codenamed 'Loop' - and will be "far cheaper" and more focused on the Kinect system.
Microsoft has confirmed it won't show a new Xbox during E3 this June.
Picture gallery - view photos of Xbox's 10-year history below: