Although the updated PS4 is expected to come out this year, Sony has yet to officially set a debut for the new console. Speculations suggest that the PS4 Neo, as well as the PS4 Slim, will be unveiled on Sept. 7.

According to The Mirror, Sony will be having the PlayStation Meeting 2016 next week. It is expected that Sony will then highlight the event with major announcements, like the much-awaited PlayStation VR. Meanwhile, to complement the launch of the VR system, Sony is also expected to unveil the new upgrades to its current console, the PS4 Neo and the PS4 Slim.

One of the surprise additions as a console upgrade is the PS4 Slim, which may be Sony PlayStation's answer to the recently-released Xbox One S. Essentially, the new console is just a slimmed version of the current PS4 console, with minor tweaks and redesigns. One noted improvement for the new console is the restyled Dual Shock controller, as the new one has a secondary light strip on the front, and a tweaked D-Pad.

Meanwhile, of interest to fans is the upcoming PS4 Neo, as console payers have been waiting for confirmed details ever since Sony hinted at the upgrade at the E3 2016. Although not much has been known about the upgrade, supposed leaks pertaining to its hardware have already made it online. As a console upgrade, the PS4 Neo has tweaked its CPU and performance levels, and is rumored to support 4K gaming, as well as native 1080p display with 60 fps, since the new upgrade will come with new AMD GPU chipsets featuring the new Polaris architecture. Although there are no leaks on its supposed design to date, it can be expected that the new system will have a form factor similar to the structure of the PS4's Slim version, rather than the bulky original.

As for its price tag, speculations say that the PS4 Neo's 4K-ready model will set players back at least $450.