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Sony has finally confirmed one of the worst kept secrets on the Internet, that the PS4 will be getting a newer, more powerful model, dubbed the PS4 Neo.

Also known as the PS4.5, the upgraded PS4 will feature upgraded hardware to make the console capable of delivering improved graphics and 4K gaming.

Speaking to the Financial Times (subscription), Sony Interactive Entertainment CEO Andrew House finally let the cat out of the bag, and also revealed some details previously unknown.

House confirmed that the new PS4 will indeed include a new Ultra HD Blu-ray drive, making the PS4 capable of playing the new 4K disc format. Sony has yet to bring a standalone Ultra HD Blu-ray player to market, and the PS4 Neo could in fact be the company's first Ultra HD Blu-ray player (the company has standalone players slated for a 2017 release).

House did not however confirm the price or release date for the PS4 Neo, only suggesting that the PS4 Neo would be more expensive than the standard PS4 (which might have dropping in price by the time the PS4 Neo is available, which may mean the PS4 Neo would still be sold at the current price of $350). Those looking for more details on the upgraded console at E3 next week will also be disappointed, as House confirmed Sony won't be unveiling the new PS4 at the gaming expo.