The next PlayStation will be released at the end of 2013 - and will be capable of super-HD resolutions far beyond most televisions today.
The machine is known within Sony as 'Orbis'.
Gaming blog Kotaku's unnamed source also reported, more controversially, that the new 'Orbis' console would refuse to play second-hand games.
PlayStation 3: The timing is right for Sony to unveil a successor to the six-year-old console
The leak, from an unnamed source speaking to the gaming blog Kotaku, is at least partially credible - with Nintendo set to unveil its next-generation Wii U console this year, the timing is right.
The new machine will be capable of playing games at extremely high resolutions up to 4096x2160, Kotaku reports - far above the capabilities of most televisions today.
That announcement also makes sense, as Toshiba has recently unveiled a television capable of the same 'Ultra HD' resolution, and other manufacturers are set to follow suit.
It's not clear whether the name Orbis is a nickname, a codename, or the final name of the console.
Microsoft was expected to show of a next-generation console at this year's E3 gaming conference in Los Angeles, until the company annnounced it would not be unveiling next-generation hardware.
Nintendo will show off its 'next-generation' Wii U at the same conference.
The new Wii U console is said to be twice as powerful as Xbox 360, and Nintendo has already shown off ia tablet-style controller with a built-in screen.
Nintendo's Wii U console builds on the motion-controls of its predecessor, but adds a secondary controller with a screen
Nintendo's big franchises such as The Legend of Zelda remain exclusive to its consoles
The report about the console refusing to play second-hand games is already controversial.
Several game companies, including the 'Call of Duty' giant Activision, have spoken out against the trade in second-hand console games - hoping instead for a PC-style system where gamers buy a 'code' which allows them to install and use the software once.
Wedbush Securities analyst Michael Pachter says that the rumour of a 'block' on second-hand games is highly unlikely - and that the move would lead to a backlash not just from gamers, but from retailers.
'The anti-piracy rumors started in 2005, when Ken Kutaragi patented a technology for it prior to the PS3 launch,' said Pachter in an interview with NowGamer.
'Today’s rumor is just a re-hash of that old rumor and the recent one about the Xbox 720. It isn’t really in Sony’s or Microsoft’s best interests to block used games.'
'If Sony unilaterally did this, I could see GameStop refusing to carry their console, and sales of the PS4 would thereby suffer. On balance, it’s a dumb idea, making it a dumb rumor. Of course, you never know.'
Pachter said that he considered Kotaku's source to be 'a monkey'.
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