By Keerthi Chandrashekar / Keerthi@latinospost.com (staff@latinospost.com) | First Posted: Jan 05, 2013 02:49 PM EST

The new year ahead promises plenty of fanfare for gamers as next-generation consoles from both Microsoft and Sony are expected to hit retail shelves. A recent report indicates that Microsoft is still on track for a 2013 Xbox 720 launch as its main chip enters the assembly line. 

Website SemiAccurate reports that it has received news that the main chip for the Xbox 720, known as Oban, has been finalized and is entering production. 

"Oban has not just taped out, but final customer silicon has likely gone in to production too," SemiAccurate writes. 

The report also goes on to state that there is little room for error in the production process for Microsoft. If there are delays amounting to more than a few weeks, it seems that Microsoft would not able to deliver the Xbox 720 in 2013. 

Of course, none of this has been confirmed by Microsoft, so treat it as rumor until official details leak out. 

The Xbox 720 could be revealed at E3 2013, if a certain timer is right. Microsoft Director of Programming for Xbox Live Larry Hyrb put up a countdown timer on his website Major Nelson that ends when E3 2013 starts and boasts the ominous words, "And it's on." Unless it's some kind of incredible, mind-blowing overhaul to Xbox Live, all bets are on Microsoft introducing a new piece of hardware, which most likely be the Xbox 720. 

Microsoft is reportedly developing two versions of the next Xbox, a dedicated gaming console, and a cheaper set-top version geared mostly towards casual entertainment. The dedicated gaming console is rumored to utilize Blu-Rays, sport a TV input that will give it DVR-like capabilities, and help launch Kinect 2.0. Better graphics and system performance are implied.  

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