PlayStation 4 (PS4) can still be considered a hot console release in the market, but rumors are now pointing to its successor.

According to several news outlets, Sony is already developing a new PlayStation, the PlayStation 5 (PS5).

The speculations on the next gaming console from Sony came from Shuhei Yoshida, the company's president for Worldwide Studios for Sony Computer Entertainment Inc., who hinted in an interview with Recode last April 2014 that there's a possibility that the new console will be released in six or seven years' time.

Yoshida also revealed that the fate of PS5 will depend on the vision of the developers. To date, what's said about PS5 is purely based on speculations, but that didn't stop the buildup of hype for the new gaming console.

A report from Tech Radar mentioned that it's possible that the next generation of PlayStation will be more than just a box that sits in the living room. The next PlayStation could come in a different form such as a streaming device that fits in the palm of one's hand.

The technology of today also lessens the need for discs and it's likely that the PS5 won't need one in order to function. However, Ben Wilson, former editor of the Official PlayStation Magazine, doesn't seem to agree, Tech Radar's report continued.

According to Wilson, although disc drives are not needed much these days, he doesn't think that they'll be "phased out completely for a while yet."

Wilson added that there will always be people who would prefer disc drives than invisible downloads.

Meanwhile, it was previously reported that PS5 will work with 4K resolution that should give players a whole new gaming experience.

It is also said to be compatible with virtual reality gaming, a technology that will be mainstream once the rumored PS5 will be released sometime in 2020.

Then again, all these rumors and one can only hope that Sony will provide something better and much more exciting for the gamers.