Sony is planning to come up with an improved version of the PlayStation 4, reports claim.

Several sources shared with Kotaku that Sony is in the middle of planning the next version of their best-selling gaming platform, complete with better graphical power and 4K resolution. The console is being referred to as the "PlayStation 4.5."

According to the sources, the upgraded version of PlayStation 4 will have a better GPU to be able to support the more advanced 4K resolution that will allow players to enjoy clearer graphics.

This means that the 1080p resolution used by the PlayStation 4 will be changed to a higher resolution. It will allow game developers to include more special effects and other changes in their games to make them look better.

The console will also allow players to increase the processing power needed once the PlayStation VR comes out this fall.

Kantan Games analyst Serkan Toto revealed a possible explanation why Sony would want to come up with a new version of the PlayStation 4, and it has something to do with the ongoing rivalry between their game console versus Microsoft's Xbox One.

"For the hardware manufacturers, new systems are a way to alter the lifecycle consoles usually have," Toto shared with Venture Beat. "If you are losing to your competitor, as Microsoft does to PS4 in this generation, you are behind for many years, and there is almost no way to catch up. Updating the hardware means de-risking in this context. It also means, if the rumors are true, that consoles will be updated more like the iPhone."

However, the report mentioned that Sony refused to comment on the sources' claims. "We can't comment on rumors or speculation," the spokesperson of the company wrote in an e-mail.

The talks about an updated PlayStation 4 remain to be pure speculations at the moment.