Phil Spencer says fans of Rare's games will be "pleased with what we're going to show at E3."

Microsoft has suggested its iconic studio Rare could be working on a new Xbox One game based on one of its classic franchises.

Microsoft Studios executive Phil Spencer told Polygon during the announcement of its next-generation Xbox One that "fans of Rare and Rare IP I think will be pleased with what we're going to show at E3."

Xbox One will see 15 exclusives within its first year on sale, and 8 new IPs--some of which Microsoft intends to show off at E3 2013 in June.

Spencer said that Rare remains important to Microsoft. "We had a limited amount of time today and a lot of story to tell. But Rare remains an incredibly important part of our development capability."

"That historic IP that they've built I think can play a real important role on Xbox One," added Spencer, though he gave no clues as to what IP he was referring to.

Microsoft last year announced that it has renewed the Killer Instinct trademark, the fighting series that saw its last installment in 1996 on the Nintendo 64.

As for Rare's more immediate history, the developer released Perfect Dark Zero as a launch title for the Xbox 360, but the series has not continued outside of an 2010 XBLA version of the original Perfect Dark. The company also launched the Kinect Sports and Viva Pinata franchises on Xbox 360, as well as Banjo-Kazooie: Nuts & Bolts.

For more information on Microsoft's recently announced next-gen console, check out GameSpot's Xbox One hub.

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