Sony has just announced a 20 February event to highlight the future of the PlayStation platform. If rumours are true, we will see the Japanese based company unveil the next-generation PlayStation - the PS4.

The next-generation PlayStation, dubbed the Orbis, is said to feature a AMD x86 quad-core processor at 3.2GHz, 2GB of RAM, Blu-Ray, 1080p output, and 320GB HDD. It is said to be 10x more powerful than the PS3 currently available on the market.

The Orbis was originally thought to be unveiled at E3 along with the next-generation Xbox, however according to rumours and now Sony's official event, that doesn't seem to be the case.

In a recent Times interview Kaz Hirai suggested that Sony would wait for Microsoft to make the first move. Microsoft is expected to announce the Xbox 720 at E3 later this year. Of course, the announcement could be something entirely different.

On Twitter the KazHiraiCEO twitter account, presumably fake, stated: "On 20th February, we will finally show of the future of PlayStation: PS3 Firmware Update 4.4!"

The event takes place in New York City at 6pm EST on 20 February. We'll keep you posted.