It's been almost three years since the PlayStation 4 console came which means Sony might be working on its follow-up. And, as suggested by various rumors, it seems this is exactly what the tech giant is currently doing.

Based on the platform's naming convention, it can probably be assumed that the next console model will be called PlayStation 5. But, as reported by GameSpot last month, it appears Sony is not yet too keen on designing this model.

According to gaming veteran Lorne Lanning, who was able to speak with Sony President Shuhei Yoshida, the concept of developing the PS5 is still unclear.

"I said, 'What does the PlayStation 5 look like?'" Lanning asked Yoshida. "And he said, 'You mean if...' And I was like, 'Whoa. Are you willing to say that on stage?' And he said, 'Yeah, it's an if.'"

Although the idea of a totally new console is still an "if" for Yoshida, this doesn't mean that Sony is not working on a follow-up, or at least an upgrade, for the existing PlayStation 4.

As noted by CNET, this new model will most likely go by the name PlayStation 4.5. Details about its exact features are still unconfirmed but given today's and the future's technological trends, the console might come with support for 4K resolution displays. It addition, it might also come with backwards compatibility, which means players will be able to run their PS4 games on the PS4.5 but with better graphics.

In addition, the new model might come with eight 2.1GHz AMD Jaguar CPU cores as well as an 8GB GDDR5. Also, since Sony is preparing to launch the PlayStation VR headset later this year, it can be presumed that the PS4.5 will feature support for this product as well.

But, given its power, it can also be expected that the PS4.5 will be marketed with a very hefty price. Hopefully, though, its price will drop eventually like what happened to the PS3 and PS4. As for its release date, it's hard to speculate when it will come out since it is not yet clear if Sony has initiated its development stages.