The rumors are true: Today, Microsoft announced an all-inclusive service called Xbox All Access. For $22 per month over two years, Microsoft will provide you with an Xbox One S console, access to over 100 games thanks to Xbox Game Pass and an Xbox Live Gold subscription. If you want an Xbox One X, then you'll shell out $35 per month. This offer is only available in Microsoft stores.
It should be noted that this deal is only available in the US. If you don't yet have an Xbox, but are interested in purchasing one, both of these price points represent a discount over purchasing a console outright and paying for these services individually. It's a financing program, rather than a subscription service, which means that you'll sign up for a two-year contract and then get to keep the console at the end of the period.
Microsoft is billing this as a limited-time offer, and that it's only available to "qualified customers," according to Variety. You can create a deal with any Xbox bundle that suits your fancy; you aren't limited to certain models. Of course, the monthly price will differ if you choose a more expensive bundle. If you cancel before the two years are out, you'll likely owe Microsoft for whatever portion of the hardware you haven't paid for.
Update (11 AM ET): This article was updated to reflect Microsoft's official post.