After months of rumors, Sony’s Andrew House has revealed the company will be releasing a mid-cycle console upgrade, dubbed the "PlayStation Neo" by many. 

Speaking to the Financial Times, House said that the "high-end" console won’t be shown at this year’s E3, which takes place next week, and declined to reveal any pricing details. He confirm that the new console will cost more than the current $350 version.

"It is intended to sit alongside and complement the standard PS4," House explained. "We will be selling both through the life cycle. All games will support the standard PS4 and we anticipate all or a very large majority of games will also support the high-end PS4.”

According to House, Sony wants to ensure there are enough games and experiences that can showcase the Neo’s improved functionality before officially unveiling it to the public, which is why it won’t be revealed at E3. 

Speaking more broadly about consumer reaction, House believes buyers have become used to frequent, and often costly, upgrades thanks in part to the emergence of high-end smartphones.

"We want to ensure we have a full range of the best experiences on the new system that we can showcase in their entirety," continued the Sony Interactive Entertainment president.

"The consumer is attuned to a different cadence of innovation in technology thanks in great part for the upgrades cadence on mobile phones or PCs."

When it comes to tech specs, documents obtained by Giant Bomb earlier this year suggested the Neo will offer, among other upgrades, improved framerates, high-fidelity visuals, and 4K support.  

It’s also widely expected the upgraded console will be better equipped to deal with the strains of virtual reality gaming.

A recent report from Kotaku also suggests that Microsoft has a similar game plan to Sony, with the console creator supposedly keen on slashing the price of current-gen hardware before releasing its own mid-cycle upgrade, codenamed “Scorpio”, in 2017.