PlayStation 4 is called - or codenamed - Orbis and is set for a release in time for the 2013 holiday season.
That's according to "a reliable" Kotaku source, who told the site the console's specs will consist of an AMD x64 CPU and an AMD Southern Islands GPU, which will apparently be capable of displaying games at a resolution of up to 4096x2160, and playing 3D games in 1080p.
The site was also informed that Sony doesn't intend to offer any backwards compatibility with PS3 games, and that PS4 will feature inbuilt anti-used games measures. Games are expected to be available on Blu-ray disc or digitally, and will likely be locked to a PSN account that requires players to be online to boot them up. Second-hand buyers would have to pay an unlock fee to access the full game content. Similar claims were made about the next-gen Xbox earlier this year.
Select studios have reportedly been receiving PS4 dev kits since the beginning of the year, with more finalised units set to arrive towards the end of 2012.
Forbes also claimed in February that Sony's as yet unannounced next-generation console will use a graphics chip provided by AMD.
Around the same time, US PlayStation boss Jack Tretton played down the chances of Sony launching PS4 any time soon.