Wall Street Journal cites unnamed sources who confirm a new console is coming February 20th.
Sony is set to reveal to the world its next console at its teased February 20th event, according to "people familiar with the matter".
The Wall Street Journal claims to have spoken to insiders who know that the next generation gaming machine will be unveiled at the hinted at event.
Furthermore, these sources claim that the device will be released later this year to coincide with the release of Microsoft's next Xbox.
These new releases would be perfectly timed, as both console makers have seen sales in their ageing devices fall as they approach market saturation and speculation of newer models puts off potential buyers.
Last night, Sony invited gamers to "see the future" in a tweet that linked to a cryptic video and a date (February 20th, 2013).
Additionally, the company launched a site that encourages people to sign up with their e-mail address to be the first to know of the announcement, scheduled to take place at 6PM EST.
This comes after months of speculation around an upcoming debut of Sony's PlayStation 4, codenamed Orbis, which was fuelled by the discovery of a PS4-titled website by high-profile developer Quantic Dream.