Microsoft's gaming news has been nothing but buzz about the upcoming November 22 release of its next-generation console, the Xbox One. However, for those who aren't in a big hurry to drop $499 on the Xbox One, Microsoft has announced that it will not be making the Xbox 360 obsolete right away.

Yusuf Mehdi, Xbox's Chief Marketing and Strategy Officer told the attendees at the Citi Global Technology Conference on Tuesday that his company plans to release more than 100 games for the current-generation console. In addition it will receive support from the company for another three years through to 2016. According to reports from Eurogamer, Mhedi instructed the crowd about Microsoft's commitment to its 360 customers.

"We're going to continue to invest in Xbox 360, and the two devices can work in concert," he said. "So it's not like the day we ship Xbox One your 360 won't work. We'll continue to support it."

Meanwhile, Sony confirmed last year that it would be sticking to an original plan from 2006 to continue to support the PS3 until 2015. However, it's previous console the PS2 holds the record for longest lasting console, selling 155 million units during its 13-year cycle, according to CNET. With Xbox getting support until 2016, the console will have had an 11-year run.

If you're worried about missing out on the top up and coming game titles, it's important to note that several of the upcoming games will be cross-platform by this time next year. "Assassin's Creed 4," "Call of Duty: Ghosts," "Battlefield 4" and "Metal Gear Solid V" will all be available on both next-gen consoles and previous generation consoles.

This means that if you're worried about the high price tag on the PlayStation 4 and Xbox One, you can simply wait and get more bang for your buck as the price of the previous generation console drop.