Sony had deliberately not revealed whether or not an upgraded PlayStation 4 console was in development in spite of rumors about it proliferating on the Internet. However, in a recent interview, the CEO of the company basically stated that the console, which is thought to be named PS4 Neo, was currently being worked on.

In an interview with the Financial Times, Andrew House, who is the president and CEO of Sony Interactive Entertainment, stated that the upcoming console would be an upgraded version of the PlayStation 4 which is in the market. He also went on to say that among the new features in the console was 4K resolution and even the ability to support improved graphics. More importantly, as House made the details about the upcoming console known, he indicated that it would be offered at a higher price tag than $350 which the current PlayStation 4 retails for.

However, in the interview, House also made it clear that the upcoming console was not meant to replace the existing PS4. Instead, users can use it side by side with the current PS4 console as it is built to complement it. This particular statement from the CEO will help assuage gamers who are currently investing in the PS4 as it will not be outdated at the end of the year when the upgraded PS4 Neo arrives.

Also, going by the interview, it is clear that the upcoming PS4 Neo will be marketed mostly to those who invest heavily in playing games and those who want to use the PlayStation VR when it arrives later in the year. It is also clear that Sony is going to bring out a faster processor on the PS4 Neo but the company has no plans to showcase it anytime soon. This means that at the upcoming Electronic Entertainment Expo (E3) which is scheduled to be held between June 14-16, the console will not be featured and the company will instead wait to unveil it later in the year.

As for games, the CEO stated that most of the titles that are created for the PS4 will be able to work on the upcoming PS4 Neo. Finally, it is likely that PS4 Neo is not going to be the name of the upcoming console when it is unveiled later in the year just before the holiday season.