Microsoft has been constantly teasing fans about the upcoming Project Scorpio for months. The long wait is over because Microsoft's own Xbox head, Phil Spencer, has officially confirmed that they will be unveiling the highly-anticipated gaming console at the 2017 E3 (Electronic Entertainment Expo) event in June.

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Before Phil Spencer made the announcement, a lot of reports suggest that Microsoft could hold an event to unveil the Project Scorpio before the E3 event. Some also suggest the company's May 2 event as the most highly possible date for the unveiling of the console. Finally, all the rumors about the powerful gaming console can now be put to rest as Microsoft is committed to make the upcoming E3 event the venue for the gaming console's unveiling.

The official name, pricing, design and other details of Microsoft's Project Scorpio will be discussed during the event, according to The Verge. The publication also presented an invitation they received from Microsoft for the event which was tweeted on Twitter.

Microsoft's Project Scorpio Xbox will be at E3. Here's the invite https://t.co/p8G8Ampxiz pic.twitter.com/SbdEyznL2y

— Tom Warren (@tomwarren) April 13, 2017

Ahead of its unveiling, several information has surfaced about the console's hardware. Project Scorpio has been revealed to significantly be more powerful compared to other competitors, according to a report by Euro Gamer. The console is said to run at 6 teraflops, which is way higher than the 4.2 teraflops of the PlayStation 4 Pro.

Microsoft's Project Scorpio also is said to come with 12GB of GDDR5 memory. The upcoming console is reported to continue use the Jaguar-based CPUs despite the previous rumors of a possible change to AMD Ryzen chipsets. However, the CPU's have reportedly been changed to run at 1,172 MHz, which results to a 31% increase on performance than the processors on the Xbox One.