Rumours of a new PlayStation 4 model are building momentum with the latest report suggesting that the upgraded machine will feature a faster processor and better graphics chip.

Gaming website Giant Bomb claims to have received details on what is being dubbed the PS4.5 or PS4K from multiple sources. It says that they reveal several key specifications and facts, one of which being the console's codename: Neo.

The site also states that the Neo version of the PlayStation 4 will have an octa-core processor running at 2.1GHz - the conventional PS4 runs at 1.6GHz. The GPU is claimed to be an improved AMD GCN with 36 CUs running at 911MHz, a bump over the standard model. And the memory will faster, with the 8GB of RAM running at 218GB/s rather than 176GB/s.

READ: Sony PlayStation 4K: What is PS4.5, when is it coming and how will it affect VR?

Contrary to some other PS4.5 reports, the 4K output of the new version will not be for gaming.

Game Bomb says that it has seen documents that suggest the Neo will upscale games to a 4K resolution in the console itself, but it doesn't seem to support native 4K gaming.

It is also likely, we feel, to be able to playback Ultra HD 4K Blu-rays with HDR processing. Indeed, it is our belief here on Pocket-lint that 4K movie playback is the main reason for Sony to upgrade the console in the first place, not gaming even though that could benefit too.

Developers will be able to make use of the hardware upgrades to offer a "more stable frame rate" and "higher visual fidelity", but not at 4K natively. And they will also need to ensure that a version of the game without the enhancements is available on the same disc.

It is thought that enhancements could even be downloaded separately if a Neo is recognised when the disc is first inserted.

Rumours hint at an E3 unveiling of the new hardware this June, so we don't have long to wait to find out if this is all bang on the money or simply hokum.