What kicked off the PS5 rumors is a blunt announcement by a Sony's Top exec that sooner a bigger project is about to come.  Head of Software Product Development Scott Rhode told MTV that very soon the company will start thinking of what to do next. That is the culture at Sony. Where the team always has to do something bigger and better than what has already been done, Tech Advisor reported.

This announcement meant that rather than waiting another seven years for the PS5 2020 launch as VC Post previously reported. With this, the fast-paced development of technology could lead PS5's release. We may suspect that Sony is able to shorten the time between its PlayStation releases, but 2016 is too soon, with PS4 Neo on the line.

Sony PlayStation 5: PS5 specs

There is less information about PS5's hardware. Considering AMD's enthusiasm over the PS4, it would be safe to assume that it will remain onboard the Sony ship for the PS5. But if there is something that might be a 'thing' with the PS5, it is virtual reality. Sony is going towards the direction of virtual reality for future consoles, a virtual-reality system called Project Morpheus that works with PS4 suggested. This technology will allow a truly immersive gameplay, to make gamers really feel as though they are in the game, Tech Advisor added.

Additionally, PlayStation TV may also be significant to the PS5's development. Will there be a wireless streaming functionality integrated into the PS5?

Sony PlayStation 5: PS5 potential price

Having no accurate knowledge of what is being offered by the PS5, it is quite impossible to know the price. However, if we are going to base it on the recent PlayStation costing, the PS5 will probably range around the $500 or £400 marks.