We still haven’t heard much besides speculation regarding the Xbox 720/Durango. What is Microsoft waiting on? According to Robert W. Baird analyst Colin Sebastian, the answer is May.

Sebastian said, in a note to Electronic Arts investors today, that the new Xbox will be announced sometime in May. Previous reports have pointed toward the console being announced later this month, or even earlier, however as some of those reports pegged the announcement as early as March they can mostly be considered inaccurate.

It is likely that the announcement will take place at a standalone press event in preparation for E3 the following month. According to Sebastian, the announcement of the new Xbox is going to seriously drive shares in not only Microsoft but other game development companies.  Microsoft has not commented on the report.

Gamers everywhere are desperately looking for confirmation on some of the more glaring rumors about the Xbox 720. Will the console have a built in Kinect? Will it require an always on internet connection? Will it block used games? What nifty social features will the console have? Perhaps we will get our answers in May.