Update: This was originally an unconfirmed rumor, but has since been confirmed by several sources, including Geoff Keighly and Larry Hryb.
An invitation image has also appeared:
Citing an unnamed source, Game Informer has revealed that Microsoft will be holding an event in Redmond, Washington on May 21 where they will officially reveal the next Xbox to the public.
The event will be streamed on Xbox.com, Xbox Live and Spike TV in the US and Canada. Invitations should be going out to the press and publishers “shortly.”
This information corroborates information received from The Verge, noting the May 21 reveal date, as well.
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Source Game Informer