Sony expects to sell 5 million PlayStation 4 consoles by March 31, 2014.
Andrew House, president and CEO of Sony Computer Entertainment revealed the sales target during Sony's Tokyo Game Show 2013 keynote overnight.
The PS4 launches first in the US on November 15, two weeks later on November 29 in Europe and in Japan on February 22, 2014.
Microsoft hasn't publicly stated its sales forecast for the Xbox One which goes on sale November 22.
Having launched the PS3 in November 2006, Sony forecast worldwide sales of six million units by the end of March 2007. 5.5 million units were reported to have been shipped as of March 31, 2007.