Sony Computer Entertainment Europe boss, David Reeves has denied rumours floating around the Internet that Sony is planning a "PSP2".
The rumours began after a company claimed in November to have signed a memory chip deal for the device.
However, Reeves stood strong against the rumours under questioning, and said: "No, there are currently no plans for a PSP2. I go to Tokyo quite a lot and no one has referred to it – I think they have their hands full at the moment".
Instead, Reeves said, Sony is focusing on improving what it has in its arsenal already.
"We just launched the PSP-3000 so we are still focused on this generation of the platform", he said.
Despite this, Reeves did admit that despite the improvements that have been made to the console, gaming software has been the problem for the device.
"The PSP is as successful in numbers as PS2 – it tracks its numbers in a cumulative basis", said Reeves.
"Its weakness, however, is its software. And that’s because developers, when it comes to placing their bets, have to choose PS3 and 360, then Wii, then DS, maybe even PS2 before PSP.
"It’s the same at our internal studios, where the focus has been on PS3. They’ve also focused a lot on PS2 as well because we have to get the SingStars out for that format. So PSP games will come – they just take a while longer".
Reeves did say that Sony would continue to look at new ways to move the PSP market forward, after a successful launch of the dedicated PSP version of the PlayStation Network.