Fans who want to experience 4K gaming, but could not afford to do so will really be giddy with this news: they can reportedly trade in their present consoles for an Xbox Project Scorpio.

The report comes from the Daily Star which quoted Dave McCarthy, general manager at Xbox Services, as saying that they will pitch that idea to their retail partners.

"That's definitely going to be partnerships we continue to move going forward," he said. "We want to make that transition as smooth as possible.

"The compatibility thing is a big deal, because you feeling you have to give up your games isn't a good feeling, so we take that angst out of the equation," McCarthy added. "We'll try partnerships with our retail partners to smooth it even more with trade-in programs and things like that."

While Microsoft has codenamed the new Xbox as Project Scorpio to give it a veil of secrecy, the news report that it will feature 6 teraflops has been confirmed. That will rival the current PC's processing power and provide native 4K gaming, said The Guardian.

Nevertheless, there's a bit of good news for fans even if they trade in their current consoles. The Xbox Project Scorpio will load a game even if it's not 4K.

"Our commitment is to make sure every single game and every single accessory works across all of those platforms," Xbox exec Mike Ybarra said. "Everything is built from the ground up with this in mind. One game will run on the entire family of devices."