Sony is holding a 'PlayStation Meeting 2013' event in New York today where it is expected to announce the PS4. You can watch the event live here: PS4 launch: live. UPDATE: see our story - PS4 launching Holidays 2013 full details. See also: PS4 price in UK; how much will the PlayStation 4 cost?
The PS4 will be the firm's new gaming console to replace the popular PlayStation 3. The device comes shortly after Nintendo launched the Wii U and perhaps more importantly before Microsoft reveals the next generation of its Xbox typically known as the Xbox 720.
See also: PS4 event E3 2013: live video stream.
Sony's PlayStation meeting will take place later today at 6pm New York time (11pm UK time) so the wait is nearly over to find out the details of the highly anticipated PS4.
The original PlayStation was launch in Japan back in 1994 and was followed up by the PlayStation 2 in 2000 and the PlayStation 3 launched in 2006. All six year gaps but no PS4 appeared last year.
Sony's last PlayStation Meeting, held in 2011, was for the handheld PS Vita, so it's extremely likely that today's is for the PS4.
Rumoured specifications for the PlayStation 4 include an AMDx64 CPU and an AMD Southern Island GPU. This means it will be capable of a 4096 x 2160 image while 3D games can be played in 1080p - the PS3 can only manage 3D games at a resolution of 720p.
We've heard that the PS4 won't be backwards compatible with old games, like most consoles. However, a recent rumour suggests that users will be able to stream PS3 games online.
Microsoft Kinect styled movement-based gaming is supposedly going to be a standard feature on the PS4. Developer PlayStation kits come with 4GB of RAM but the consumer console will apparently pack 8GB of RAM.
Below is a leaked image of what could be the PS4 controller complete with a PS Vita style touchpad in the middle. The light on top suggests a PlayStation Move sensor and there's also a suggestion the that a microphone built-in will allow for Siri-like voice control.
PS4: Release date
Although the PS4 will probably be announced today, it's unlikely to hit the shops for a number of months. Sony will probably launch it in Japan, and possible the US, in time for Christmas but it may not arrive in Europe until afterwards.
It's anyone's guess as to how much the PS4 will cost and there may be different versions at different price points. Based on various rumours a good starting point is around the £300 mark. We'll have to wait and see.
There will be likely different bundles of the console sold with different games included.