1Up ran an article recently that claimed a new Xbox console was in the works for a late 2010 release, most likely packaged with Project Natal. Gaming blog Kotaku speculated that there likely wouldn’t be brand new hardware, but rather a revision of the existing Xbox 360 technology. Kotaku’s speculation certainly makes more sense, given the state of our economy and Microsoft’s continued dedication to the 360 brand.

Microsoft essentially backed up Kotaku’s theory today when they shot down the new Xbox rumors. Aaron Greenberg, director of product management for the Xbox brand, states that with Natal “we are delivering a next generation experience this generation.” He goes on to say that he “can confirm that Natal will run on Xbox 360 so no new console investment will be necessary.”

Notice that Greenberg didn’t rule out the possibility of a new 360 iteration, like a 360 slim or something similar. While I wouldn’t be interested in such a device, that would be a more welcome situation than the launch of a brand new console. The Xbox 360 has a lot of life left in her (go ahead and make your Red Ring jokes); a new console next year could potentially kill Microsoft’s momentum. Plus, buying a new console at this time is an investment I cannot afford, and I’m certain millions of American gamers share my feeling (and lack of funds).

UPDATE: Team Xbox, the folks with the first official word on Xbox 360, are claiming that not only is 1Up’s rumor false, but that they know the true details of the next Xbox console. Per the tease in their article, and a second tease on their Twitter account, Team Xbox claims the next Xbox console won’t launch until HDTVs capable of stereoscopic 3D are widespread. Sadly — or thankfully, if you’re in the same poor boat as me — such technology won’t see a mainstream success for quite some time, so don’t expect a new Xbox for at least three or four years…if Team Xbox isn’t full of it, that is.