It might not seem that long ago, but it was 2013 when Sony gave us the PlayStation 4. Time for an update? It's early in the lifecycle for a console, but people are already talking about a next-gen PlayStation that's being developed right now.

The first indications came from developer sources, saying that the PS4.5 is under construction at Sony HQ, and at times this project sounded a little fanciful as more rumours appeared suggesting it might happen.

New information confirms that PlayStation Neo is indeed happening, so it's time to get excited about a 4K PlayStation. This is everything we know about the next-gen PlayStation.

The next-gen PlayStation project is thought to be running under the codename of PlayStation Neo internally, although that's a name that's likely to change when the new console comes to market. 

There's been plenty of talk about PlayStation 4.5, suggesting the console is something incremental rather than a complete reworking, which makes sense. It's thought that the next PlayStation is going to be an enhancement rather than a fresh start.

Additionally, the term PS4K has been used. This latter expression, PlayStation 4K, makes a lot of sense, seeing as 4K Ultra HD support is what the new console will aim to bring.

Exactly what the new PlayStation will be called when it goes on sale, we don't yet know.

Developer sources talking about Sony's PlayStation 4.5 have affectionately referred to it as PS4K. This is, obviously, because it has a big focus on 4K content.

The current PS4 can manage to play 4K video and images for personal content only. But owing to HDCP 2.2 issues, support for streaming content like Netflix isn't available. Some of the standards have only recently been finalised, with adoption by TVs and other devices in 2015 onwards.

Sony has now confirmed that PlayStation Neo exists, with Andrew House, president of Sony Interactive Entertainment telling The Financial Times that the new PlayStation model will support 4K Ultra HD.

Documents obtained by Giant Bomb show PlayStation Neo featuring an upgraded octa-core processor running at 2.1GHz, enhanced GPU and faster RAM. There's the suggestion, however, that the 4K update isn't squarely aimed at gaming, with Sony wanting to preserve frame rates in games, rather than jump up the resolution for the sake of hitting 4K.

With 4K Ultra HD gaining popularity in streaming services and more recently in Ultra HD Blu-ray, the PlayStation Neo is likely to be looking to cement its position as a one-stop shop for entertainment, embracing new formats so that there's no need for a separate device.

Indeed, Sony's Andrew House suggests that the launch won't happen until there is "a full range of the best experiences on the new system that we can showcase in the entirety," suggesting a wide range of enhanced skills.

With increased graphical power, however, it's likely that games will get a boost, with Giant Bomb suggesting that new PS4 games from October 2016 will be published with two modes - a base mode and an enhanced mode to take advantage of the increased power on offer in PS Neo - similar to the arrangement of PC games designed to run across different hardware configurations.

The way that the Wall Street Journal's sources talk about the device make it sound like an alternative to the PS4, for higher end graphics and VR gaming, aimed at those that want more than the current PS4 can offer. There was the suggestion that the PS4 will continue production and remain on sale for those that don't want or need the higher end offering.

This seems to be the case, with Andrew House telling The Financial Times that it will "sit alongside and complement the standard PS4," and that games will be compatible across both consoles.

That corroborates with the earlier reports we mention above, talking about a base mode and a Neo mode, with enhanced features for the new console, but without leaving current PS4 owners facing an upgrade they don't want to make.

The sources of the Wall Street Journal claim the new system will be launched before the PlayStation VR headset arrives in October. The Giant Bomb leak also suggests an October release.

Sony has chipped in, not confirming the date, but confirming that it won't be at E3, running in June 2016. There's a good chance that everyone at E3 will be talking about the PS4K, so speculation will be rife.

There has been a suggested price of $399.

READ: PlayStation VR preview: Virtual reality for the gamers