The rumors are rife that Sony is currently developing a next-gen PlayStation console to replace the PlayStation 4 (PS4). The public expects that the PS4 successor will be known as the PlayStation 5, although the Japanese tech firm has yet to confirm any plans for a next-gen console at this moment. Nevertheless, a major hardware upgrade is never out of the cards, and it will happen eventually. Although, the public may have to wait until the Electronic Entertainment Expo (E3) 2019 to hear the official PS5 announcement.

As reported by USGamer, Sony has been giving mixed signals regarding the development of the PlayStation 5. It is hard to speculate if the PlayStation 5 will become a reality one day, but per the renowned industry analyst Michael Pachter, Sony might already be thinking about the PS4 successor at this early. However, he does not expect the PlayStation 5 to arrive as early as next year. It is more likely that the PS5 will be available sometime in 2020 or 2021.

According to Pachther, it seems impossible that Sony will be ready to replace the current PlayStation 4 consoles with a next-gen hardware, especially that the company is still enjoying high profits from the PS4 sales. It is clear that the PlayStation 4 still has a hold on the console market, and if a new console would be released someday, Sony PlayStation executive Shawn Layden teased that its launch would "probably be some time." 

Interestingly, there has been a notable drop in PS4 sales over the past few years, although the numbers are still considered impressive. While the PS4 is slowly approaching the so-called "shipment peak," the chances are growing that the dawn of the PlayStation 5 is getting near. Assuming that the PS5 will be out in 2020, the public can expect a grand announcement a year before, or possibly at the Electronic Entertainment Expo (E3) 2019. To note, Sony also held a special event for the PlayStation 4 in February 2013 before the console hit the market a year later.