According to the FT the new PlayStation 4 gaming console will be upgraded so that it can offer ultra-high definition 4K resolution and richer graphics.

This is the first time that Sony has improved the processing power of a PlayStation midway through the usual console cycle.

Andrew House, president and global chief executive of Sony Interactive Entertainment, told the Financial Times that the “high-end PS4” would be more expensive than the current $350 version.

Dubbed “Neo” the PS4 will target hard-core gamers, he said, as well as consumers with a 4K television set looking for more high-resolution content.

We have been talking about this new VR orientated console since March after gaming news site Kotaku reported Sony was talking to developers about creating games that were compatible with the improved hardware.

House said that Sony would not be unveiling its new console next week and refused to say when or at what price the unit would go on sale.He said:

“We want to ensure we have a full range of the best experiences on the new system that we can showcase in their entirety. Both PS4 variants will also support its forthcoming virtual reality headset, which will go on sale later this year but this higher end one will actually have the spec to create a bit of quality."