Sony's upcoming PlayStation event, where it's expected to unveil its upgraded PlayStation 4 console, is set for September 7th, according to invites sent out this afternoon. The event will be held at the PlayStation Theatre in New York City at 3PM ET. The company is being elusive about the details, saying only that it will "share details about the PlayStation business." It's unclear if Sony will announce a release date or price for the new console.

The new device, referred to internally as "Neo" in reports about its development, is said to support 4K games and other media. The Neo is also expected to bring a sizable boost in processing power, which will make it a more viable machine for virtual reality. Sony is launching its PlayStation-only VR headset in October, while the new PlayStation console may be released some time in 2017. Microsoft has plans for an upgraded console as well to complement its recently released Xbox One S console, a slimmed down version of the standard Xbox One. Microsoft's new device is known internally as Project Scorpio, and it's slated for a 2017 release.

Sony will race to launch the Neo while Microsoft prepares Project Scorpio

Sony Interactive Entertainment CEO Andrew House confirmed the 4K PS4 upgrade in an interview with the Financial Times back in June. "We will be selling both [versions] through the life cycle," House said. To reassure owners of the current console, he added, "All games will support the standard PS4, and we anticipate all or a very large majority of games will also support the high-end PS4."

PlayStation VR's launch lineup