Apple reportedly plans to unveil a new model at the next World Wide Developers Conference (WWDC) in the month of June.
The device could also get both a new design and new hardware, BuzzFeed News reports.
The set-top box would benefit from Siri and an App Store with an SDK that would enable developers to offer applications.
The new Apple TV would feature an A8 processor and it would come with more storage space than the current model (8 GB).
The report suggests that the price will be higher than the $99 current model, which was recently cut down to $69.