NEW YORK ( TheStreet) - Leading computer chip maker Intel ( INTC - Get Report) has confirmed the rumors that have been swirling around the industry for months that it's been working on a new set-top television box, as well as an Internet pay-TV service.

Intel Media's Corporate Vice President Erik Huggers told AllThingsD that his company has been busy developing the new system, along with possible future partners Apple ( AAPL - Get Report), Netflix ( NFLX - Get Report) and Google ( GOOG - Get Report).

Huggers added that Intel's shooting for the product to be an "all-in-one" solution which will provide live television and on-demand programming, as well as supporting applications. While not giving away many details, the product sounds like it will mirror some of the features currently found in Apple TV and Google TV hardware, as well as Netflix programming capabilities.

Intel's reportedly testing the hardware/service in employees' homes at the moment. It's also possible that the service could be ported to smartphones, tablets and laptop computers at some point.

The new consumer-oriented TV streaming service will come with a new brand name as well (so far unannounced). Intel hopes to be able to announce the new products by the end of the year.

--Written by Gary Krakow in New York.

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Gary Krakow is TheStreet's senior technology correspondent.