Sony chief executive Andrew House has confirmed the existence of the company's PlayStation 4 "Neo" console. In an interview with the Financial Times, House confirms the upgraded PS4 will include a faster processor, 4K resolution support, and improved graphics. "It is intended to sit alongside and complement the standard PS4," says House. "We will be selling both [versions] through the life cycle."

Sony is not planning to unveil its upgraded console next week at E3, and no pricing will be announced just yet. House says the upgraded console will be priced higher than the current $350 for the existing PlayStation 4 model. All games will continue to support the standard PS4 and House anticipates that "all or a very large majority of games will also support the high-end PS4."

It's not clear why Sony isn't planning to detail the PS4 "Neo" more fully at E3 next week. Leaked details pointed towards an E3 announcement, but Sony clearly isn't ready to provide all the specifications that gamers would expect. Microsoft is also rumored to be planning its own Xbox One upgrade for next fall.

Polygon reported recently that the Xbox One "Scorpio" will have 6 teraflops of performance compared to the rumored 4.14 teraflops of the PS4 "Neo." We might never know if Sony was ever truly planning to unveil the "Neo" at E3, or whether Microsoft's Scorpio performance rumors spooked the company into delaying its announcement. Either way, we're expecting to hear a lot more about Sony's PlayStation 4 plans at E3 next week, alongside Microsoft's own Xbox announcements.

The PlayStation 4 Neo: What We Know