Sony's current console generation, the PlayStation 4, is only nearing its 2-year mark of being out in the market, yet there are already several reports claiming that the corporation is developing the PlayStation 5.

According to Master Herald, the PS5 could appear in a much more compact version and a slimmer size than the PS4, with improved durability and an enhanced cooling system.

It should also be expected that the slimmer variant of the PS5 "would be less noisy when loading game discs, which is one of the current variant's minor downsides," the news outlet noted.

Sony Corporation could also enhance the PS5's single bar, which "does not have segregated power button and open switches on the gaming console," Master Herald described. The new version could sport illuminated buttons which are easily distinguishable, given that the power and open disc can be switched in the console.

The PS5 could also have better analog stick covers for its controller, which is an improvement given that the current console's problem is the peeling of its outer cover. The slimmer variant could also mean that the PS5 "would be less noisy when loading game discs," a problem that also persists in the PS4, Master Herald explained.

With the rise of the increasing demand for smartphones, Sony's video game consoles are now facing the threat of being outdated and obsolete. This is why the company is "already investigating the prospect of gaming in the cloud in this generation," Value Walk reported.

Exceptional support for VR gaming (which is responsible for increased specifications, processing power, and improved graphics chips) is also important for the new console. A 4k resolution should also be worked on, Value Walk noted.

Master Herald said PlayStation users would appreciate the same visually-appealing diagonal design of the PS4. As for the PS5's release, it should be noted that Sony usually gives a 5 to 7-year gap when it comes to unveiling their PlayStation gaming consoles. The PS1 was released in 1994, the PS2 came out in 2000, the PS3 in 2006, and the PS4 in 2013, PS5PlayStation5 wrote. With this timeline, the PS5 could be release sometime in 2020.

PS5PlayStation5 also noted that the project has "a secret code name just like the PS4 did that only select employees know."

Meanwhile, Tech Radar reported that the PS5 could be Sony's cheapest console ever. However, PC Advisor contradicted Tech Radar by declaring that the new gaming console could cost £400 or $600. The PS2 had a price of £300 ($450), the PS3 £425 ($630), and the PS4 £349 ($520).