Company made the announcement Wednesday on the Xbox blog.
PS4 will come with a $399 pricetag.
SEE ALSO: Sony to Release PlayStation 4 on November 15
The date was chosen because Microsoft launched the Xbox 350 on Nov. 22, 2005 in the U.S. and Canada, which worked well for the company in making the Xbox a major player in the console biz.
Microsoft said it recently began producing the final version of the console, first revealed in April from the Xbox campus outside of Seattle.
Final specs include an enhanced CPU, which has grown from 1.6GHZ to 1.75GHZ, roughly a 10% increase over the Xbox One that was first introduced.
SEE ALSO: Microsoft Reveals Tentpole Games to Launch with Xbox One
Already, Microsoft said it has sold out of its pre-order supply in the U.S. faster than at any other time in its history, but did not disclose numbers. Because of the demand, however, Microsoft said it will offer up a limited number of additional Xbox One Day One consoles for pre-order. Again, it did not disclose how many.
Microsoft plans to support the current Xbox 360 through 2016 and will release more than 100 games on the console.
© 2013 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC