According to a report on Polygon, two new consoles are in development at Microsoft.

The first is a slim version of the Xbox One with scaling hardware able to target a variety of upscaled resolutions and 4K support for video. It will likely be announced next month, and released around august, with a price still to be determined.

According to the source, the second is an evolution of the Xbox One in terms of hardware, targeting a peak computing power of approximately six teraflops, which would be over four times as much as the current hardware.

The new console is unlikely to launch before 2017, and will be "technically" capable to support Oculus Rift, even if it's not known what this will mean in terms of actual support.

Allegedly, the new console is code named "Scorpio," and colloquially referred as "Xbox One-Two," and should also be announced at or around E3 in June.  It will play all of the current Xbox One games.

Interestingly, Polygon's sources also claim that that Microsoft intends to tighten the relationship between the Xbox brand and Windows 10, launching future titles at the same time on both platforms.

As usual, considering that there hasn't been an official announcement, we should take this with the customary grain of salt.

Especially the computing power figures seem interesting, albeit possibly optimistic under a superficial analysis: six teraflops is above the horsepower of a Nvidia GTX 980 ti (5.63 TFLOPS), and just under a Titan X (6.14 TFLOPS).

The technological jump required to achieve that kind of power within a console price range and power/cooling requirements is not insignificant. That said, considering that the console would be released over a year from now, it's not impossible. The newly announced Nvidia cards GTX 1080 and 1070 push respectively 9 TFLOPS and 6.46 TFLOPS.

I guess how much truth there is to these rumors will emerge at E3.