Reports about the development of the PlayStation 4.5 are starting to intensify, as new rumors claim that the new version of Sony's game console will be out before the last quarter of 2016.

Sources told The Wall Street Journal that the new edition of the PlayStation 4, dubbed the PlayStation 4.5 or PlayStation 4K, will be unveiled before the scheduled release of the PlayStation VR.

The speculated updated version of the popular gaming console will reportedly come out with an improved processor and GPU that could support the high-end VR and 4K titles. The development was first reported by Kotaku.

The report explained that games with 4K resolution have better graphics compared to games with the usual 1080p resolution. The PlayStation 4 has the capacity to support 4K photos and videos, but it cannot do the same with video games. This means that the problem will be solved once the rumored PlayStation 4.5 comes out in the market.

Sony released the PlayStation 4 in 2013. It came after the Japanese computer entertainment company released the PlayStation 3 in the market in 2006 and the PlayStation 2 in 2000. The original PlayStation came out in 1994.

But Sony is not the only company that will improve their existing gaming consoles. According to Microsoft's Phil Spencer, players will see a lot of hardware improvement soon.

"You'll actually see us come out with new hardware capability during a generation allowing the same games to run backward and forward compatible," Spencer said during a news event in San Francisco early this month, as reported by WSJ.

Meanwhile, Nintendo is also gearing up to release a brand-new gaming console, the Nintendo NX, later this year.

Sony has refused to comment on the rumored release of the PlayStation 4.5.