Sony will announce the release date for its PlayStation 4 on Tuesday at a press conference scheduled for 1 p.m. EST, prior to Gamescom 2013 in Germany. The PS4's retail price is set for $399 in the U.S.

“For one week in August 2013, the Koelnmesse in Cologne, Germany, becomes the center of the gaming universe as the world’s biggest publishers and developers invite you to check out the games that will light up the rest of the year and beyond,” a Sony representative said on the company’s Gamescom website.

The Japanese manufacturer will announce a PS4 release date for the U.S. and international markets. Due to overwhelming demand for preorders on retailers such as (NASDAQ:AMZN), Sony created separate preorders for “launch date versions” of the PS4, which guarantee a console on its release date, as well as versions bundled with games that will likely be delivered a few days later.

“We’ll kick off the show at 18:00 BST on 20 August 2013 with a briefing to media on our release plans for PlayStation 4, as well as updates on PlayStation 3 and PlayStation Vita.”

The next-generation gaming console from Sony is expected to release sometime in November. Several retailers put placeholder PS4 release dates on their preorder pages leading many media outlets to speculate a release date leak.

Release Date (Update): Sony announced that the PS4 will release in North America on Nov. 15, and in Europe on Nov. 29.

The International Business Times originally suggested a PS4 release date of Nov. 22 is likely in the U.S., before Thanksgiving and the annual day of product sales and shopping known as Black Friday. Microsoft (NASDAQ:MSFT) will also release a competing video game console, the Xbox One, sometime this holiday season for $499.

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