Microsoft have gone and put their official stamp on the rumours doing the rounds by announcing the upcoming Xbox 360 Elite, out in the US on April 29.

New, black and with a 120GB hard drive, a high-definition multimedia interface (HDMI) port, a high-definition cable, wireless controller and Xbox LIVE headset, and all for $479.99. Nice!

The idea is that the Elite will have enough space for a library of Xbox LIVE Arcade games and thousands of songs, and that’s not to mention the downloadable HD TV shows and movies available on Xbox LIVE Marketplace.

Current owners off the "regular" Xbox 360 will also be able to upgrade as the new 120GB hard drive will also be sold as a stand-alone accessory, as will Xbox 360 Elite accessories such as the black Xbox 360 Wireless Controller, Xbox 360 Play & Charge kit and the Xbox 360 rechargeable battery.

"Today's games and entertainment enthusiast has an insatiable appetite for digital high-definition content", said Peter Moore, corporate vice president for the Interactive Entertainment Business at Microsoft.

"Xbox 360 Elite's larger hard drive and premium accessories will allow our community to enjoy all that the next generation of entertainment has to offer."

>> Read - Is Microsoft about to launch a black Xbox 360 Elite?