We have been talking a lot about the new update that Microsoft Xbox 360 users can expect in the near future, and today the future drew much closer. We can now confirm that Microsoft has targeted August 11th as the date that the company will begin deploying the new update.

While we have previously covered what will be included in the update, Microsoft is now in the process of entering the final testing phase that we told you about yesterday, with the news that it will be testing the update by accepting “thousands” of testers from all regions with a variety of configurations to help weed out any show stopper bugs or glitches before it moves to final deployment.

While some of the most recent announcements from E3, including support for Facebook, Twitter, and Last.Fm, will not be included in this update, the new things to be added offer a variety of improvements that should still draw a lot of attention from users. From what our sources tell us, Microsoft is planning another update that will include some of the E3 announced enhancements that should be ready to deploy before the end of the year.

Microsoft’s continued focus on improvements and enhancements to Xbox Live continue to draw a lot of praise from users who have, for the most part, been satisfied with the schedule which Microsoft has deployed the updates and added new features. Microsoft will be giving users the ability to have a first-hand look at the new update in San Diego, California at Comic-Con 2009. Our sources tell us that by mid-next week Microsoft hopes to be sending out Emails to those selected for the update testing ahead of the deployment on August 11th.