They won't call it PlayStation 5 right now, but Sony has finally confirmed that, yes, it has another console on the way.

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The Biggest PS4 Limited Editions 29 IMAGES

Speaking to the Financial Times , Sony CEO Kenichiro Yoshida said “At this point, what I can say is it’s necessary to have a next-generation hardware”. Yoshida wouldn't commit to a name, or explain what form that hardware would take.It's not an enormous surprise that Sony would have begun development on a new console – not least because multiple games have a lready been announced for next-gen consoles . However, Sony openly admitting that it is working on hardware has led some to conclude that a formal announcement could be closer than expected. The FT reports that its sources have said that the upcoming console "might not represent a major departure from the PS4, and that the fundamental architecture would be similar."Following the success of Nintendo's hybrid Switch, and the announcement of Microsoft's Project xCloud – aiming to allow players to run games on any internet-enabled device – there has been speculation about whether Sony would take similar approaches to one or both.Next-gen console rumours have been ramping up recently. Xbox's next outing will reportedly be codenamed Scarlett , and come in two forms, as traditional hardware and a "streaming box" . Nintendo, seemingly keen not to be left out, is apparently planning a Switch upgrade for next year.

Joe Skrebels is IGN's UK News Editor, and he still thinks that the PS5 is a hologram projector in the front of some cool shoes. Follow him on Twitter