(Pocket-lint) - The Sony PS4 could cost as little as £270 if prices match with the rumoured cost posted in Japanese newspaper the Asahi Shimbun.

The paper says the console will be priced at around 40,000 yen. Naturally, there will be some overseas mark-up added to the console. The PS3 when it went on sale in the UK cost around £425, but in Japan it was around £250.

The Asahi Shimbun is a reputable daily newspaper, so it's entirely possible this pricing is correct. Do take it with a pinch of salt though, as 40,000 yen is very cheap for a console launch price, even by Japanese standards.

READ: PS4 - Everything you need to know

The PlayStation 4 should be announced at a 20 February event organised by Sony. No one really knows exactly how the new console will look or what sort of power it will have behind it. Current rumours point to a powerful 3.2GHz quad-core processor, 2GB of RAM and a 320GB HDD.

Microsoft's new Xbox should be making an appearance at E3 this year. Sony has clearly gone in early with a launch event to try to steal a bit of the show from Microsoft. Pocket-lint will be out in New York on 20 February to bring you all the latest Sony PS4 launch news.

Writing by Hunter Skipworth.