With the impending demise of HD DVD, Microsoft is reportedly working on a Blu-ray addon for the Xbox 360. While this isn't the first time we've heard this rumor, sources at Microsoft have told Smarthouse that the company has already configured a Blu-ray player which could be on sale within 3 months.
Insiders at Microsoft in the USA have told SmartHouse that Microsoft has already configured a standalone Blu-ray player that can be connected into an Xbox 360 and that subject to internal marketing and sales approvals the model could be on sale within 3 months.

The Company has also been working on a built in Blu-ray player however insiders are claiming that Microsoft see the HD format battle moving online with consumers offered 1080p movie and content files as a download as opposed to having to buy a HD DVD or Blu-ray disc.
It would not surprise me if Microsoft was working on a Blu-ray player. However, I doubt that they will get it to market in three months. If you'd like to read more, the entire article can be found here.