Customers who buy an Xbox One from "participating retailers" in the US next week will also receive one free retail game of their choice.
Microsoft says this deal applies to any and all new Xbox One systems - including bundles - and any and all new Xbox One games of $59.99 value or less from September 7 to 13.
The promotion coincides with the high profile release of Activision and Bungie's Destiny, which is due to go on sale from September 9 on PS4, PS3, Xbox One and Xbox 360.
Sony is supporting the launch of Destiny with a limited edition white PS4 system bundled with the game, however under the new deal it will cost new hardware adopters $50 less to purchase the game with an Xbox One.
"[T]he sky's the limit: Whether you want to lock-and-load with your friends in Destiny or Titanfall, face the legions of hell in Diablo 3: Ultimate Evil Edition, hack the planet in Watch Dogs, or hit the sports arena of your choice in Madden NFL 15 or NHL 15, the choice is yours," the firm noted in the announcement.
"The offer is valid for any retail Xbox One game, and the offer is good for our Xbox One system bundles, too - so if you want to pick up the Xbox One Madden NFL 15 Bundle or Forza Motorsport 5 Bundle, you're getting another free game of your choice priced at $59.99 or lower on top of it!"
The deal stipulates that the free game and system must both be new - not pre-owned or refurbished - and it cannot be combined with any other offers.
Update: A Microsoft representative has confirmed that the deal will be available at most major US retailers, "including Best Buy, GameStop, Target, Toys 'R Us, Amazon and Walmart".