Microsoft has officially confirmed that the next-generation of Xbox consoles is in the works and it's more than just a new box under your TV.

Microsoft is confirming today that it’s working on a next-gen Xbox console in partnership with AMD. Xbox president Sarah Bond made the announcement in a minute-long video posted to YouTube, promising to deliver “an Xbox experience not locked to a single store or tied to one device.”

Microsoft Corp. (MSFT) has entered a multi-year strategic partnership with Advanced Micro Devices, Inc. (AMD) to co-develop custom chips for its product lineup, including next-generation Xbox consoles.