Kotaku claims to have information from an unnamed source stating that the PlayStation 4 will be released in time for the 2013 holiday season.

According to Kotaku’s source, the console’s working title is “Orbis”.

“The details in this story come from a reliable source who is not authorized to talk publicly about next-gen hardware but has shared correct information with us before,” suggests kotkau.

Kotaku claims the source has provided two basic specs for the system. It will have an AMD x64 CPU and an AMD Southern Islands GPU.

“The former, that's largely something we've heard before, but the latter is interesting,” continues Kotaku. “That's the name given to many of AMD's 2012 roster of high-end PC cards. The PS4's GPU in particular, we're told, will be capable of displaying Orbis games at a resolution of up to 4096x2160, which is far in excess of the needs of most current HDTV sets. It'll also be capable of playing 3D games in 1080p (the PS3 could only safely manage 3D at 720p).”

The Orbis is not backwards compatible with the PlayStation 3, reckons Kotaku. However, full games will be available for digital purchase and download as well as at bricks-and-mortar stores. The console will include some measures to curtail the sale second-hand games, and players will require a permanent connection to PSN to play any game in any mode.

More PlayStation 4 rumours
Sony's developer web site responds to the URL 'orbis.scedev.net', although no content relating to any future platform is publicly visible.

“Like many PC games these days, you'll need to have a PSN account and be online to even get the thing started.

“If you then decide to trade that disc in, the pre-owned customer picking it up will be limited in what they can do. While our sources were unclear on how exactly the pre-owned customer side of things would work, it's believed used games will be limited to a trial mode or some other form of content restriction, with consumers having to pay a fee to unlock/register the full game.”

Kotaku claims that select developers have been working with the console since the start of this year.

Sony does not comment on rumour or speculation.