Microsoft just recently released the Xbox One S, the slimmed down and slightly more powerful version of the Xbox One. Now, it looks like Sony is gearing up to finally reveal its upgraded version of the PlayStation 4, codenamed Neo.

PlayStation fans will not have to wait for too long, since it looks like the PS4 Neo will finally be revealed next month, specifically on Sept. 7, according to the French website GameBlog. The website's sources claim that Sony will reveal the Neo in New York during an event that is huge enough to feature such a major announcement.

The information provided by the French website was also confirmed by Vice Gaming's sources who chose to remain anonymous. The site also reported that the event in New York is going to be a "technical showcase."

Another source of Vice Gaming claims that Sony will be sending out the finalized development kits for the Neo around the same time as the event.

Back in June just before this year's E3, Sony confirmed the existence of the PS4 Neo, stating that it will "complement" the current iteration of the PlayStation 4. This means that the Neo will be sold alongside the current PS4, but with a bigger price tag, according to Polygon.

There is no word yet on the official name of the console. It can be noted that Sony's PlayStation VR carried the codename Project Morpheus when it was still in development. Interestingly, both Neo and Morpheus are names of characters from "The Matrix" film franchise.

Some developers have given the Neo console the nickname PlayStation 4.5, while others have called it the PS4K, suggesting that it will come with 4K resolution support.

Back in April, it was reported that the PS4 Neo will come with updated CPU, GPU and more RAM. The upgraded hardware is said to be accompanied by a new feature called the Neo Mode.

When users activate Neo Mode on a compatible game, the console will be able to run the game natively in 4K resolution. If this is true, then the PS4 Neo would be even more powerful than the Xbox One S, which only supports 4K video playback and not 4K gaming.

Some have speculated that the upgraded console will be capable of providing a superior PlayStation VR experience thanks to the said upgrades.