We're just a few months away from what many believe will be a huge Electronics Entertainment Expo for the console market. While neither camp has made any official statement (unless you count recent comments from Sony's Hiroshi Sakamoto), pretty much everyone is expecting to see Microsoft unveil the next generation Xbox alongside Sony's new PlayStation 4.

And now as we inch close to those reveals, we're starting to hear some serious chatter with regards to system specifications.

According to sources as reported by Eurogamer, both consoles will be powered by an eight-core processor clocked at 1.6GHz built using AMD's Jaguar architecture. This type of CPU is typically used for low-power notebooks but will have double the number of cores found in portables as well as a few other customizations.

We are further told that Orbis, the codename for Sony's PlayStation 4, will ship with Radeon HD graphics. Specifically, we can expect to see the Radeon 7970M clocked at 800MHz with 18 Graphics Core Next compute units. This is expected to produce 1.84 teraflops, according to data recently published by VG24/7.

Not much is known about the GPU behind Durango but sources told the publication just after CES that Microsoft's new console will be able to achieve 1.23 teraflops - significantly less than the PS4. The Xbox, however, is expected to have double the amount of system RAM which will no doubt help it compete in the performance department.

Eurogamer has published a lengthy write-up on the subject if you are interested in delving deeper into the hardware aspect of each console.