According to a post on IGN, they say that the technology blogs Fudzilla and SemiAccurate are reporting a mass production of GPUS that are going to power the Next Xbox. The mass production will go into effect by the end of 2012. According to the report, the processor will be derived from ATI’s 6000 series of graphics cards, and not their latest 7000 series.
The 6000 series graphics cards support DirectX11, multiple displays, 1080p HD support and 3D. Also based on the report, the Xbox 720 will be six times more powerful than the Xbox 360, and 20 percent more powerful than the Wii-U. Developers are supposed to be getting final devkits sometime in August of this year.
There was no word of pricing in the report, but I am sure it will be somewhere around the $300-$400 range. When rumors and reports like this start popping up, something is happening behind the scenes. I imagine that Microsoft will announce something really soon if this is true. They are probably saving the big news for E3, as was previously rumored.