Microsoft's next generation console is code-named "Durango", according to a report from Kotaku. Citing "multiple sources close to the project," the site claims that this is the name Microsoft will use when they first announce the new console, though it will be long gone by the time it hits stores.
So just how plausible is the rumor? It's hard to say. Code-names have a history of being fairly out there. The N64 was referred to as Project Reality, the Dreamcast was once Katana, and the original Xbox was originally MARZ, short for Microsoft Active Reality Zone.
If nothing else, the rumor fits with Microsoft's geography-themed code-naming habits as of late. The Kinect was initially announced as Project Natal, after a region of South Africa, while Durango is a state in Mexico.
This code name is the latest in a long string of rumors about the next Xbox, including reports that it will feature a tablet contoller, support Blu-Ray discs, prohibit used games, and be about 20% more powerful than Nintendo's next-gen offering, the Wii U.