The May 21 event, weeks before the Electronic Entertainment Expo in Los Angeles in June, will be live-streamed, the Los Angeles Times reported Wednesday.
"On that day," Xbox programming director Larry Hryb wrote in a blog post, "we'll share our vision for Xbox, and give you a real taste of the future. Then, 19 days later at the Electronic Entertainment Expo (E3) in Los Angeles, we'll continue the conversation and showcase our full lineup of blockbuster games."
Microsoft is the last of the major home gaming console makers to unveil the next generation of their offerings. Nintendo's Wii U was released in late 2012 and Sony held a large event in New York in February to announce its PS4.
Hryb's blog post -- saying the Microsoft event would dazzle by presenting a "new generation of games, TV and entertainment" -- suggests the company will reveal far more than just games, with reports that the new Xbox will be able to communicate directly with cable boxes to create a home entertainment hub.
The Xbox announcement will be streamed live at 10 a.m. PDT on Xbox.com, Xbox LIVE and Spike TV, the Times reported.