Sony has confirmed that it is working on an upgraded PlayStation 4 console, but that rumours of it appearing at this year's E3 are wide of the mark.

The PlayStation Neo, as it is codenamed, will be launched by the company in the future, and will have 4K Ultra HD graphics capabilities, but not at the show in Los Angeles next week.

President of Sony Interactive Entertainment, Andrew House, told the Financial Times that the new console will "sit alongside and complement the standard PS4," as expected. It will sell "both [versions] through the life cycle," he said.

READ: E3 2016: All the launches, games and consoles to expect

The console has also been dubbed the PS4.5 and PS4K in recent months, since some plans were leaked, but it is likely it will adopt an all-new, previously unheard name on release.

There are no indications as yet when that might be.

The PlayStation Neo is being held back until there is "a full range of the best experiences on the new system that we can showcase in the entirety," as House explained.

READ: PlayStation E3 2016 Press Conference: How to watch it and what to expect for the PS4

He also revealed that all PS4 games will be compatible with the existing PS4 going-forward, but a "large majority" will also have extra features - thought to be higher graphical fidelity - for the Neo.

PC games developers have been doing something similar for years.