Sony will not want to be behind Microsoft again.
The PlayStation 4 will launch in October or November 2013, Wedbush Securities analyst Michael Pachter has told Play magazine.
"I don't think Sony wants to launch behind Microsoft again, so I'm confident we'll see a PS4 in October or November 2013," explained Pachter.
"It isn't likely that they will launch earlier, as it doesn't make sense to get out too far in front of software, and I'm pretty confident that few developers have been working on PS4 games for more than a year or so. Holiday 2013 will be a comfortable window for Sony, and will give them a chance to get a head start on Microsoft."
However, the arrival of the PS4 won't mean the end of the PS3.
"The PS3 probably has a solid three years left for sales, so it should make it comfortably to a 10-year life span," he added. "There are a lot of people who are uncomfortable spending $250 for a console, so I think price cuts to the $199, $149 and $99 will extend the life of a console."