Sony will announce the PlayStation 4 on February 20 according to the Wall Street Journal. The internet nearly exploded last night when Sony revealed this teaser video, along with the tag line #seethefuture. Now the WSJ cites 'sources familiar with the matter' as saying this event will indeed be host to the reveal of Sony's next console.
The report also mentions that the new PlayStation will launch this year, allowing for a head to head with the new Xbox, which is also said to be launching before the end of 2013.
Sources also tell the site that Sony is planning to incorporate more social gaming aspects into the new machine, with the hardware giant apparently being more focused this time on how users interact with the machine, rather than just thinking of the power under the hood.
Finally the report confirms that AMD chips will be used in the new machine, although this is separate from the Cell technology Sony currently relies upon for its PlayStation 3. Obviously this could introduce compatibility concerns with existing games, built to run on the Cell chip, so we aren't sure how backwards compatibility would come into this, if at all. Remember Sony did buy streaming company Gaikai last year, so perhaps at some point the entire PlayStation catalogue could be streamed using the power of the PlayStation 4?
It's all speculation of course, but we are pretty sure that we will see the first glimpse of the next PlayStation on February 20, hopefully then the other answers will fall into place.