It's been a few months since we've heard any PSP 2 rumours (the PlayStation Phone seems to have stolen all of the portable PlayStation limelight) but, if an MCV report proves accurate we could be just a couple of weeks away from an official announcement.
The report states that a Tokyo press event has been scheduled for 27 January, where the next-gen portable gaming device will go on show.
It's also claimed that publishers were told late last year of the plans and that some of Sony's biggest partners are already working on titles for the device.
Last year we thought we might see an E3 launch, or perhaps a GamesCom or Tokyo Games Show one - but nothing materialised.
In terms of hardware it is thought that the PSP 2 will be packing a 4 core Cell CPU, possible 3G connectivity, a touchscreen backed up by the traditional PlayStation buttons and front and rear facing cameras.
Will it be enough to topple the Nintendo DS off of its perch though, especially with the 3DS on the way? And do we even need handheld gaming systems anymore with the advent of smartphones and tablets? Answers below but, sorry, no prizes.