Sony are unveiling the successor to the PlayStation 3 live in New York.
Follow the announcements as they come in live with the video stream, above.
Leaked photographs which have emerged online appear to show a prototype controller with a touchpad alongside the classic DualShock-style controls, and have fuelled the speculation.
It is thought the new PlayStation should hit retailers in the US and Japan in November, possibly with a delayed launch in Europe.
The unveiling will excite millions of computer games fans across the world, and further fuel the on-going battle between Sony, Xbox 360 manufacturers Microsoft and Nintendo, the makers of the Wii and Wii U.
Since the first PlayStation console launched in December 1994, Sony have sold over 310 million home consoles worldwide, and 2.9 billion games.