It has been quite obvious for a few days that Microsoft has something planned for The Game Awards tonight (starts 10 December at 11:30PM GMT) after all their Xbox accounts on social media often have reminded us to watch it. Now this has been confirmed by the Head of Global Product Marketing for Xbox Aaron Greenberg, who tweets that they do "have a couple moments in the show".
But during The Game Awards 2019, they revealed both the Xbox Series X as well as Senua's Saga: Hellblade II. This has led to big really big expectations from the community, but let's face it, it's hard to beat a brand new console and the first game to it. That's why Greenberg also adds that we should "dial expectations way down versus speculation and adds "especially how big we went last year".
Reasonable guesses would be something Forza related and probably new additions to Xbox Game Pass. On the other hand, the former Game Informer editor Imran Khan tweets that he "definitely thinks people will be talking about what they show, assuming nothing has changed" - so we assume the rampant speculations will continue until the show is actually over.