At least that is what IGN has been saying.
IGN 720 Article
So from what we are hearing, The Xbox 720 is set to release in late October or Early November of next year. It will have 6 times the processing power of the Xbox 360 and will already be 20% more powerful than the Wii U in terms of graphics processing power. If your wondering what Processor it will be using, IGN has also stated that it will be using the existing Radeon HD 6670. A different report from Fudzilla also states that the chip may be called "Odan" and has been in mass production since December in 2011.
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