UPDATE: Microsoft officially confirms Xbox Series S design and price

Microsoft has officially confirmed the existence of the long-rumored Xbox Series S a few hours after an image of the cheaper version of the Xbox Series X surfaced online. 

"Let’s make it official! Xbox Series S | Next-gen performance in the ˢᵐᵃˡˡᵉˢᵗ Xbox ever. $299 (ERP). Looking forward to sharing more! Soon. Promise," the company said.

Earlier today, an alleged image of Microsoft’s Xbox Series S leaked online along with its price point. The leak, which first reported by Thurrott.com, gave fans their first look at the disc-less version of the company's next-gen console which will cost $299 or P14,549. The still image was reportedly taken from an upcoming announcement of the hardware.

You can check out the video here:

A Twitter user known as WalkingCat later posted a leaked commercial which provided more details about the recently announced console. According to the promotional video, the Xbox Series S is nearly 60% smaller compared to the more powerful Xbox Series X. The all-digital console is allegedly targeting 1440p resolution with frame rates of up to 120 fps and will also support DirectX raytracing, variable rate shading and variable refresh rate.

Meanwhile, a separate report by Windows Central claimed that the Xbox Series X will cost $499. The report claimed that both versions of Microsoft’s next-gen console will debut on November 10, 2020.