Announced at E3 in June 2013, the Xbox One edition will build off the multi-million selling Xbox 360 version with "larger maps for more complex structures, expanded multiplayer features and enhanced gameplay".
Xbox executive Spencer told IGN at GDC last week: "I talked to [4J Studios] last night. They feel really good about the progress that they're making. It's their game, and it'd be Mojang's game. We graciously host it on our platform.
"They control the [release] date of that, but I'll tell people that we're getting really close. I talked with Notch [aka Mojang founder Markus Persson] last night, and they're really excited about the quality."
In December 2013, Minecraft creator Persson said the Xbox 360 edition of the game had sold around ten million copies.
Minecraft is also currently in development for PS4 and Vita, while a proposed Oculus Rift version was scrapped earlier this week.