Sony is planning something big for Wednesday, and the widespread assumption is that it will be the unveiling of the next-generation console PlayStation 4. Some sources have discussed the possible price of the PS4 as well as a release date for Sony’s new videogame console.

According to an anonymous source that spoke to Kotaku, the PlayStation 4, codename Orbis, will be coming out in November and will have two different price points, versions costing $429 and $529. These numbers and release date are preliminary and Sony will provide real answers during its launch event in New York on Wednesday. Price points for the two versions of the console could change as the year goes on and Sony could announce retail prices in June at E3, the Electronic Entertainment Expo, which is the video game industry’s largest trade event.

Many features of the PS4 have been discussed, but much about the new console remains unknown. While the controller will feature a touchpad in the center, there have been several prototype photos that have leaked online, each varying slightly. One of the more interesting aspects of the PS4 that was discussed by Kotaku’s source is the integration of smartphones for use with it. According to the source, the PS4 can be controlled using a smartphone or tablet. There also will be a chat function and the ability to buy games from your phone that will automatically download on the PS4. Each console will include a Playstation Eye, says the source, which could allow users to interact with one another and could also include a “spectator” system that allows users to watch a friend play a videogame.

The social aspects of the PS4 match previous reports of Gaikai, the streaming videogame company that Sony purchased in July 2012, having registered website domains centered on PlayStation Cloud, reports IGN. The cloud function of the PS4 was also reported on by the Wall Street Journal, which stated that the new system would be able to stream PlayStation 3 games. Sony is investing heavily in the social component of the PS4, with the WSJ reporting the new system will include options to post achievements on Facebook, upload videos to YouTube and possibly compete against other players across different platforms.

Some information regarding the PS4, such as the controller and emphasis on social media and streaming support, seems confirmed, but there is still plenty of speculation surrounding Sony’s new system and there should be answers, and maybe some surprises, on Wednesday.