We all know Microsoft has been working on next-gen Xbox, but they are yet to unveil a successor to its Xbox 360 gaming console.

However, the console’s specifications and some other information have leaked out, the only thing that wasn’t revealed is the price of the console, until now.

During the latest ‘What The Tech’ podcast, well-known technology blogger Paul Thurrott shared a bit of rumored details regarding the Xbox 360 successor.

“Durango is going to be expensive, you know $500, $300 for the subscription model, that kind of thing, but you know, [it will have] Blu-ray, blah blah blah, but the thing that interest me, going back and looking at some of the stuff I got a long time ago, [and] it actually says ‘must be internet-connected to use’ in the notes. And that’s all I have, but it does say that.”

“So the new Xbox that comes out this year will just be the Xbox. And I mentioned before they’re also going to sell a new Xbox 360 code-named ‘Stingray’ that will be $99. And you might look at that as two things: backwards compatibility, obviously, suggesting—I don’t actually know this for a fact, but based on the fact that they’re making one—I don’t think that the new Xbox will play 360 games.

But that I don’t actually know, that I’m guessing. But, the other one is that, $99, that’s a real cool price. And so we know that the Xbox 360 does Netflix, Hulu Plus, yada yada yada, and you can make the argument that’s kind of a low cost entertainment device, too,” Thurrott addded.

Andrew Zarian asked if the requirement was a bad thing, to that he said, “I don’t know, because I don’t know what it means.”

“You know, when you look at some of the stories that were coming out this week about, you know, I saw a headline that said something like ‘Next Xbox could be okay without an internet connection for as long as 3 minutes’ or something like that. I don’t even know what that means, so for me, Xbox 360 is almost entirely an online experience.

Most of the games I play are multiplayer, where you’re playing against other people online. Or you’re using it as an entertainment device when you’re connected to a service like Netflix or Xbox video, so that is an internet-connected device.”

Originally, Microsoft were going to announce next-gen Xbox in April 24, now they’re going to announce it at a special event on May 21.

Thanks, Neogaf.