The Xbox 720 may have to wait. Rumors are now swirling that the next Microsoft gaming system won't be the Xbox 720, rumored to be the name of the successor to the immensely popular Xbox 360, but that the next Microsoft gaming platform will be a 7-inch tablet called the Xbox Surface.

If the Xbox 720 is put on hold for the Xbox Surface, it would mark a foray into the world of legitimate mobile gaming -- the likes of which have not yet been seen. Hardware finalization for the Xbox Surface is currently underway, according to The Verge, and early rumored specs were leaked back in June.

People expecting the power of an Xbox 720 coupled with the mobility of a Microsoft Surface may be disappointed with the Xbox Surface, but the Xbox Surface looks like it could set the standard for future mobile gaming. Packed with a custom ARM processor, similar to the one inside the Microsoft Surface, and with enough RAM to run high-end games, the Xbox Surface could do wonders for Microsoft, and help them break into a market that has not yet been established.

The Xbox Surface is also rumored to have a 1280x720 display, and features an SD card slot and 7 hours of battery life.

While the Xbox 720 will likely an interface similar to that of the Xbox 360, the Xbox Surface will run a "custom kernel" of Windows that is based off of Microsoft's newest platform, Windows 8, according to Gizmodo.

Microsoft produces its current Surface tablet in a factory separate from the one that produces it's Xbox 360 and, likely, the Xbox 720. Part of that separate factory has been locked down, according to The Verge, indicating that Microsoft is likely testing a build that is closed to the finished product.

While there is still the possibility that the Xbox Surface never sees the light of day, the fat that rumors are becoming more concrete bodes well for the Xbox Surface, and experts say it's likely that we will see the Xbox Surface before we see the Xbox 720. And while there has been no mention of the Xbox Surface price, the Microsoft Surface starts out at $499, so we can expect the Xbox Surface to cost more than that. The only question then, is if the Xbox Surface is more than $500, how much will the Xbox 720 be when it finally debuts?