Game studios are currently receiving new PlayStation 4 dev kits, with a final version to be delivered "next summer", according to a new report.
Sources told VG247 that Sony is calling the machine Orbis and that it's based on AMD's A10 APU series, which offers a combined CPU and GPU.
The "ultimate goal" for the console is reportedly for it to be capable of running 1080p60 games in 3D with "no problem", delivering a machine that's powerful enough for "today and tomorrow's market". It's claimed it will support Blu-ray.
Sony's apparently aiming to launch hardware that's "very affordable" but "isn't a slouch".
The report also claims that Orbis is expected to be announced at an event "just before E3″ next June.
According to previous reports, PS4 will support 4K resolution displays. 4K resolution is the term used in digital cinematography to broadly describe a resolution of around 4000 horizontal pixels on a display. This is similar to 'Ultra HD', or 'Quad Full High Definition', which at 3840x2160, is four times today's full HD resolution of 1920x1080.