The next generation PlayStation and Xbox consoles will both be released by the holiday season 2013, people familiar with the matter have told the Wall Street Journal.

The same people told WSJ that Sony's planned February 20 event, which teases that we'll "see the future" will indeed unveil the next PlayStation, coming ahead of Microsoft's next Xbox reveal.

WSJ's sources also state that the PS4 will use AMD parts, introducing compatibility concerns with the back catalogue of PS3 games.

Source: WSJ