Latest reports say Microsoft will unveil its next-generation gaming console at E3 2016, which is scheduled on June 14-16. Two weeks before the said event, Microsoft announced the current Xbox One are now available for only $300, hinting that its successor will come very soon.

Here's everything you need to know about Xbox Slim, Xbox Scorpio release date, specs and features.

According to Forbes, Microsoft may announce at least one new type of Xbox One, a slim version of the console, at this month's E3 conference. It is not yet confirmed if the new console is actually named Xbox One Slim, but it is expected to be 40% smaller than the current model. In addition, it will be available in a cheaper price with massive 2TB of storage space -- two times the size of the top-spec Xbox One available now.

In terms of size, the current Xbox One is huge. It makes the rival PS4 look small by comparison.

The rumoured Xbox One Slim will have a revamped Xbox One gamepad, and could have a support for 4K videos. Microsoft has not yet released the full details of the hardware, but many gamers believe it is scheduled to become available in August.

With recent Xbox One price cut, industry experts say Microsoft wants to get a few prospective buyers who aren't following all these new console rumours. The gaming company certainly do not want to announce the price cut on E3 stage, as it could take away the spotlight from the upcoming console.

Furthermore, the $300 Xbox One deal hints a new Xbox One Scorpio will be announced in fall 2016 which could be price around $400. Compare to Xbox Slim, this Scorpio variant will boast higher framerate and higher resolution.

The current performance target for the Xbox Scorpio is approximately 6 teraflops, as per reports from Polygon. If the gaming company managed to hit that target, the Scorpio will be the most powerful gaming console. The current Xbox One can only operate at 1.32 teraflops and Sony's PlayStation 4 can produce 1.84 teraflop.

It is also worth mentioning that the core principle of the system is "universal compatibility," which means it is being develop to support all Xbox One games. The price of Xbox Scorpio is still unknown. Microsoft could reveal it early next year.