We thought we knew almost everything the Xbox Series X had in store for us. But Microsoft may be preparing to surprise us with the announcement of a less expensive model.

Generación Xbox discovered (via Inverse) that the company has applied to the USPTO for a trademark for "Xbox Series" (note that there is no "X" at the end). This has spurred speculation that Microsoft is developing a next-generation console in addition to the already announced Xbox Series X.

There is previous evidence of this: the application to trademark the Xbox Series X logo shows the word "series" placed next to, but apart from, the large "X" vertically. This means that, in theory, it would be very easy to replace this letter with another letter in other versions of the console.

Another important piece of information to consider is the rumor of a "Project Lockheart," a low-performance Xbox that would be priced much lower than the Series X and PS5. Nevertheless, it may outperform the Xbox One and PS4 with its rumored 4 teraflop GPU.

A PS5 Digital Edition, comparable to the cheaper Series X, if one exists, is also a possibility. Ironically, there were no rumors of a download-only console from Sony. However, given how common it has become to download games and the added expense of installing a Blu-ray drive, its existence makes sense. Pricing for the regular PS5 and the digital-only model is not yet known.

Once the Series X and PS5 are released in November, it will be clear if other Xbox models are planned. Prior to that, however, both camps are holding several online launch events over the summer, and Microsoft plans to announce several major new exclusives in July.