Sources say Microsoft to reveal trimmed down Xbox system with "flattened" controllers at media briefing next week.

During Microsoft's next-generation reveal event next week, the company will show off a "smaller and denser" Xbox console, as well as redesigned controllers. That's according to sources speaking with The Verge, who described the new controller design as "flattened."

The "smaller and denser" Xbox console is reportedly the rumored third generation Xbox 360 console that will be "significantly less expensive" than current models. According to Windows blogger Paul Thurrott, this console is codenamed "Stingray."

Details regarding the form factor of the Xbox 720 have not been divulged.

Unlike the PlayStation 4's DualShock 4 controller, no images of Xbox 720 controllers have leaked of yet.

In addition, The Verge has heard from sources that Microsoft will release an Xbox 360 dashboard update this summer in preparation for the next-generation Xbox. Part of the update will be a refreshed user interface, complete with smaller Live Tiles, similar to those that will be found in the upcoming Windows 8.1 update.

Another purpose of the update, according to the sources, is to ensure Xbox 360 owners can upgrade to the next Xbox and continue to interact with the friends on the past platform using beacons, achievements, and messaging.

The update is also said to kill off the controversial Microsoft Points system, replacing it with gift card and real-world currency alternatives. This was rumored earlier this week.

The site understands that a public beta for the Xbox 360 update will be available in late June or early July before a full release in August.

A Microsoft representative told GameSpot, "We're excited to share more about the new generation of games, TV, and entertainment on May 21, but have nothing further to share at this time."

Microsoft's Xbox 720 event takes place Tuesday, May 21 at 10 a.m. EDT. GameSpot will have full coverage of the event as it happens.

CORRECTION: An earlier version of this story stated the rumored "smaller and denser" Xbox console was the Xbox 720. GameSpot regrets the error.

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