Speaking in the most recent interview, The Head of Xbox Phil Spencer confirmed that Microsoft are not done with acquisitions and will keep expanding Xbox Game Studios.
Microsoft have already said a couple of times that they are not done with Xbox Games Studios expansion and will look to acquire more game developers in the coming years, which is understandable since their main competitors Sony, Tencent and Amazon
In the most recent interview with Wall Street Journal, Xbox head Phil Spencer reiterated that Xbox are looking to add more studios but the studio needs to fit into Xbox Game Studios culture and there is certainly no timeline for acquisitions.
"We're definitely not done. There's no quota, no timeline where I have to go acquire studios by a certain time, but if we find a studio where we have a good fit... absolutely," Spencer said as reported by Tom Warren.
Recently, reliable industry insider Jeff Grubb stated that three studios are being "tried out" by Xbox to see if they would be a good fit for Xbox Game Studios. These three studios are Hitman developer IOI Interactive, Just Cause studio Avalanche and Tomb Raider series dev Crystal Dynamics.
All three studios are currently working with Xbox - IOI are rumoured to be developing a "behind the back Diablo-style game" known as "Project Dragon", Avalanche are working on Xbox exclusive Contraband while Crystal Dynamics have recently joined The Initiative on Perfect Dark project.
Could these three studios indeed be prime candidates for acquisition? Sure but since we don't have any proof of this, take it with a grain of salt, just like any other rumour or speculation.