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12-01-12: It won't, according to new reports, at least not this year.

Sony chairman, Kaz Hirai, has also shot down rumours of a PS4 announcement at this years E3.

"Andy (House) is absolutely right in that we are not making any announcements at E3," he said. "I've always said a ten-year life cycle for PS3, and there is no reason to go away from that."
He has also stated that he thinks consoles will remain largely disc-based for the foreseeable future.

"It's very important that we continue to have a dedicated home-based console. Relying solely on networks to deliver content is unfortunately just not possible. It's still very difficult to have consumers download 50 gigabytes of data or more."

Back in August 2010, he also said that "to think everything will be downloaded in two years, three years or even ten years from now is taking it a little bit to the extreme."