Japanese giant Sony has finally confirmed that it is infact building a more powerful version of the PlayStation 4. Dubbed the ‘Neo’ (or what most are referring to as the PlayStation 4.5) it is said it will support 4K resolutions and current PS4 games, along with Playstation’s innovative VR technology.

PlayStation boss Andrew House told the Financial Times that the latest iteration is “intended to sit alongside and complement the standard PS4.” Though it is yet unknown when exactly Sony plans to bring the more advanced unit to market, House did tell the FT that it will cost more than the current PS4.

And in Xbox news according to a report on Kotaku, Microsoft is also in the process of developing some new Xbox Ones — a smaller unit which is set for release sometime later this year, and a more powerful ‘Scorpio’ unit that will look to compete with Sony’s new Neo.