Details of Microsoft's rumored new console have dropped ahead of the company's conference at E3 tradeshow Monday. It appears the long-anticipated smaller and more powerful variant of company's current console is real. According to a leaked press render, Microsoft will be announcing the Xbox One S (where S stands for Slim) at the gaming event. The Xbox One S will be 40 percent smaller than the Xbox One, and pack in more powerful processing and graphics muscle. According to the render, the Xbox One S will come with a 2TB hard drive, and feature support for 4K video playback and High Dynamic Range. According to separate reports, the Xbox One S is likely to be priced at $399 for the 2TB variant. Update: 06/13 16:58 GMT by M : Microsoft has officially taken the wraps off the product. It will be available for purchase starting August. AnandTech has more details.Also at its event, Microsoft announced Xbox Play Anywhere. The Verge reports: It lets you buy participating cross-platform games once, and own them on both platforms. If you buy a game on Xbox One it will simply appear in your Windows 10 library, and vice versa, and your saved games, achievements, and other information will carry over between the two versions.Microsoft also unveiled "Project Scorpio", a high-powered Xbox One launching next year that is capable of supporting 4K content as well as virtual reality headsets. "We are creating more choice in your gaming experience than ever before," said Xbox chief Phil Spencer to open Microsoft's E3 conference. No word on its pricing yet.