First look: Watch Halo 5's awesome new trailer

It's the news Xbox gamers have been waiting for: the next chapter in the Halo series will be out later this year.

Halo 5: Guardians will be released on October 27 exclusively for Xbox One, Microsoft has confirmed.

"The Master Chief. Spartan Locke. Who is the hunter and who is the hunted?" said Microsoft in a press release.

Halo 5 will be a showdown between Master Chief and the UNSC's top manhunter, Spartan Locke.

Microsoft has released two trailers. The first, called All Hail, shows Spartan Locke "drawing down on the compromised Master Chief, questioning his legacy and motives," said Microsoft.

In the second, called "The Cost", Master Chief has the upper hand "over an injured Spartan Locke, delivering a powerful manifesto about the true price of being a hero."

"We wanted Halo 5: Guardians to be the game that pays off the epic promise of the Halo universe in scope and scale and drama," said Bonnie Ross, head of 343 Industries.

"We want to amaze players with the sheer size of the worlds and battles they'll experience, even as they question everything they thought they knew about its heroes, marvels and mysteries."

- gameplanet.co.nz