• Microsoft announced that the Xbox One will receive the Windows 10 update in November.

Microsoft announced that the Xbox One will receive the Windows 10 update in November. (Photo : Reuters)

Tech giant Microsoft recently announced a 1TB Xbox One model for $399. The company also announced that it will be dropping the price tag for its 500GB model.

According to Gamespot, the new 1TB Xbox One model is expected to be unveiled at the 2015 Electronic Entertainment Expo (E3).The new Xbox One model is bundled with a copy of "Halo: The Master Chief Collection" and it does not have Kinect sensors. The new Xbox One model will arrive on June 15, which is the first day of the E3 event.

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Prior to Microsoft's announcement, a product listing of a 1TB Xbox One model was seen at Amazon. Based on its official Amazon listing, the 1TB Xbox One also includes a new Xbox One controller with a 3.5mm audio jack.

Additionally, the listing encourages gamers to buy the new console by pointing out future Xbox One exclusive games like "Rise of the Tomb Raider," "Forza Motorsports 6," and "Halo 5: Guardians." "Halo 5: Guardians" and "Forza Motorsports 6" are Xbox One exclusive titles expected to be released in October and December, respectively. "Rise of the Tomb Raider" will be released on the Xbox One and Xbox 360 console within the fourth quarter of 2015.

On the other hand, news about the Sony PlayStation 4 1TB model has been making headways on several tech forums and websites since it was first spotted in a document filed to the Federal Communications Commission in May.

Sony is expected to unveil the two new PlayStation 4 models in the upcoming E3 event. Rumors claim that Sony is tweaking the PlayStation 4's hardware in order to create a more lightweight model, instead of redesigning the console and release a slim-style model.