While there's no denying that the PlayStation 5's DualSense controller is a significant technological step ahead of the base Xbox Series controller, what Microsoft does have over Sony (and has for a few years for that matter) is the pro controller design. The Elite Series Xbox controllers have been a method for Xbox players to step up their game for a while, and brought customisation options, rear paddles, and trigger locks, all which are ideal for the most hardcore players.
Now, it seems like Sony is finally looking to move into that market, as a report from the usually reliable insider Tom Henderson (via Try Hard Guides) has revealed that a PlayStation 5 Pro controller is in production. Like the Elite Xbox controller, it's said that it will feature rear paddles, trigger stops, grips, and even removable analog sticks. A mention of "significant software upgrades" was also noted.
Henderson's report does state that a picture of the controller was also sent to him, but that this was agreed to not be published. Likewise, all those prior mentions of a PS5 Pro Controller have claimed to be in regard to this very device.
As for when or if this product will be unveiled, all that was said was "it should be soon", which could be in reference to later this month, where rumours have alluded to an update on God of War: Ragnarok and other hardware will take place.