Both consoles will launch on November 10, according to a report in Windows Central on Monday.
The entry-level Xbox Series S will cost $299 at retail, while the more powerful Xbox Series X will be priced at $499, said the report, citing sources.
It is expected that Microsoft's Xbox Series X, first teased in 2018, will give some competition to Sony's PlayStation 5 console which is arriving in this year's holiday season.
According to an image posted by Thurrott.com, Xbox Series S appears to be white console that somewhat resembles the Xbox One S.
A short video posted by leaker WalkingCat appears to confirm the design, although there is no clarity on where the leaks were coming from.
But Microsoft is likely to soon hold an event to showcase the prices of the upcoming consoles, according to Windows Central.
The Series S will target around 4 teraflops of GPU performance, compared to 12 in the Series X, The Verge had earlier reported.
Microsoft had said that when released, Xbox Series X will be its "fastest, most powerful console ever."