Following a report that appeared online earlier this week, where Kotaku claimed that Sony is developing a new and more powerful PlayStation 4 with 4K support, it seems that a new source (via Eurogamer) has confirmed the development of the so-called PlayStation 4.5 (or as described in the report, PS4K).
As reported in a detailed article on Digital Foundry, Sony's research and development labs have been working on prototype devices, but even if a more powerful GPU was offered to developers, it seems that "realistically it is nowhere near enough to provide native 4K gaming at the same quality level as current 1080p titles."
If PlayStation 4.5 is something that's going to happen, there are of course different ways that it might work. It could be a means of improving the experience for those playing existing titles; an elite console that offers a premium way to play thanks to improved visuals and frame-rates, but where new titles are still compatible with the old hardware. Of course it might be a slimline model that comes equipped with full compatibility with 4K screens, but only a minor hardware improvement. Of course, Sony might be working on a more powerful console, but when considering this as an option, we're wondering whether it might be too soon to split the PS4 player base.
Whatever it is that Sony are up to, it certainly sounds like they're working on something. Our bet would be an enhanced version of the console that can play old games better, as well offer an enhanced experience on upcoming titles, a move that doesn't split the user base. However, ultimately, we don't know and won't find out until Sony decides to share its plans.
Given the fact the PSVR is coming in October, it'd only be natural for the Sony to look at its options in terms of increasing the capabilities of its flagship console, but not if the price is too high for everyone concerned.