The Xbox 720 release date is on the way and we expect the redesigning console to hit stores in time for the holiday shopping season. Microsoft is still closely guarding its next-gen gaming secrets, but one source with "hands-on" knowledge is spilling the beans! Read on for more Xbox 720 release date news, specs and rumors.

The Xbox 720 release date may still be a mystery, but by now Microsoft may be ready to show the redesigned home gaming console to the world (or at the very least a few industry insider who reportedly got a peek at a console prototype earlier this week). Gaming Capacity spoke to an anonymous source who they say has had "hands-on time with the new Xbox."

The source didn't say much, but one thing that's clear is that as the Xbox 720 release date approaches, Microsoft is doing everything in it's power to keep their gaming designs a secret.

"Microsoft has the prototypes monitored under a microscope and an air tight confidentiality clause," the source told Gaming Capacity regarding the Xbox 720.

But that's not all! The source also went on to reveal some key specs and features we can expect to see when the Xbox 720 release date finally arrives in time for "Holiday 2013."

First off, let's talk processing power. When the Xbox 720 release date arrives, gamers will get a console design featuring three times faster than the second-gen 360. Under the hood, the new console will feature the following tech specs: AMD eight-core x64 1.6GHz CPU, Direct3d 11.x 800MHz GPU, and 8GB of DDR3 RAM.

Unfortunately for eager gamers who seriously can't wait for the Xbox 720 release date, Gaming Capacity's source wasn't able to get a good look at the new console's physical design because "prototype consoles are packaged in a 360 slim case to 'avoid complications' about the design until announcement."

It's still unclear when Microsoft will announce the Xbox 720 release date, but the source notes that the E3 gaming expo in June will be "Party Central" at the Xbox booth. We wonder what they could ever be celebrating...

Once the Xbox 720 release date does arrive, you'll be able to purchase one of two different models: the cheaper 320 GB Arcade design or the 500 GB Pro (price points unknown).One TB HDD will also be offered as a separate purchase. Neither version will feature Blu-Ray.

Grander rumors concerning how the Xbox 720 release date might revolutionize the world of gaming remains unconfirmed. Gaming Capacity's anonymous source notes that there is still "no word" on either a Kinect 2.0 or some sort of "immersive" technology.

With the Xbox 720 release date almost in sight we can expect more rumors and leaks concerning specs and features to surface. However, the source confirms that Microsoft will likely make more announcements as E3 draws closer.

All this Xbox 720 release date news sure is exciting, here's what gamers are saying about Microsoft's redesigned console over on Twitter:

"If they're coming out with the ps4 they better come out with an Xbox 720 #keepup," tweeted Ricky Gonzalez.

"I'll get an XBOX 720 if it doesn't break like the 360," tweeted Phil Bozeman, the lead singer for deathcore band Whitechapel.

"First image of the Xbox 720 has leaked," tweeted managing editor Brad Sams.

P.S. Where did this new Xbox 720 release date 2013 news come from anyway? Could it possibly have something to do with rumors concerning a secret Microsoft press event scheduled for the same day the latest specs leaked? Find out more over iDigitalTimes.

BONUS CONCEPT VIDEO: If Microsoft's new console design looks anything like this count us in when the Xbox 720 release date arrives!