Sony's Playstation 4 was launched almost three years ago. Unsurprisingly, PlayStation devotees are already looking forward to Sony's next generation console release. Sony has yet to confirm any details about a new PlayStation; however, rumors about a Playstation 4.5 have already made its way online. By the information that has been made available, the new Sony console would be more powerful than ever.

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Recently, Sony Corporation announced their intention to release PlayStation VR, the company's flagship virtual reality headset, by October this year. Moreover in a press release published in Sony's official PlayStation blog, Shawn Layden, president of Sony International Entertainment, confirmed that the company is working towards full integration of all PlayStation services with all consoles and additional gadgets.

"The formation of SIE will allow us to forge a unified PlayStation organization that can adapt more quickly to meet the needs of the gaming community, innovate with digital services like PlayStation Vue and PlayStation Now" quipped Layden in the blog post.

The announcement has sparked speculations that the company is planning to release a newer version of the PlayStation that would better service Sony's updated products and services.

According to a report by The Wall Street Journal, Sony Corporation would be coming out with PlayStation 4.5 that is poised to be a more powerful and impressive version of the PlayStation 4. The console would be able to run higher-end games including those that utilize virtual reality.

The publication further claims that the announcement of the PlayStation 4.5 would take place before the October release of the PlayStation VR. In confirming the plans for a newer console, Sony is poising its VR handset above and beyond its virtual reality competition, like Facebook's Oculus Rift and HTC's Vive.

However, Sony seems to be not the only console manufacturing company gearing up for a new release. During a recent event, Xbox head Phil Spencer also hinted that the Microsoft company might be releasing a new console of their own.

"We will see more hardware innovation in the console space than we've ever seen," quipped Spencer at an event in San Francisco in March 1.