Sony has finally confirmed the existence of PlayStation 4.5, codenamed Neo, which will sport UltraHD and powerful graphics. However, the company will not show it at the upcoming E3, Financial Times reported on Friday.

The "high-end PS4" will feature "ultra-high definition 4K resolution and richer graphics", the report cited Andrew House, president and global chief executive of Sony Interactive Entertainment. However, House declined to disclose more specs detail.

House also said that the new gaming console will be more expensive than the current PS4 (priced at $350), both the PS4 and the 4.5/Neo will support the upcoming PlayStation VR headset.

Unfortunately, House confirmed that Sony will not unveil the much-awaited device at E3 2016, where Microsoft is expected to launch an updated Xbox One console, which will be 40% smaller than the current gaming console and will support 4K video playback.

Mobile&Apps previously reported that the PS4.5 will adopt the same CPU as the current model, but will have its eight Jaguar cores clocked to 2.1GHz instead of 1.6GHz. PS4.5's memory will also be upgraded to 8GB GDDR5 at 218GB/sec from 8GB GDDR5 at 176GB/sec.

Rumors also suggested PS4.5 will outfit the GPU of Improved AMD GCN, 36 CUs at 911 MHz.

It is speculated that Sony will introduce PlayStation VR. Meanwhile, gamers expect to see "Final Fantasy VII remake", "Detroit: Become Human" and "The Last Guardian" .