Sometimes news drops out of nowhere. According to insider Brad Sams, this is the first official image of the Series S and it will cost 299 dollars. Multiple other insiders seem to have confirmed this is legitimate as well.
As more news, and an official confirmation, becomes available we will update this article.
UPDATE:
An Xbox Series S video render via @_h0x0d_ shows a better angle of the console being able to fit inside an Xbox Series X.
— Windows Central Gaming (@WinC_Gaming) September 8, 2020
Details: https://t.co/vb5FByYe6w pic.twitter.com/egWfrjtqpf
