It's said to have a redesigned exterior that allows for a reduction in size.
Now that the current-gen consoles have been out for two years, we're awaiting news on the expected, slightly improved versions of each. While neither Sony nor Microsoft has announced anything official, a new report from The Leak (which does have a respectable track record for information of this kind) has stated that a PS5 Slim is on its way and will debut next year.
Specifically, the report claims that the console will arrive in Q3, and that thanks to a redesigned exterior, the console will have a smaller form, will weigh less, use less energy, and even run cooler.
It's also said that when lying down flat, the console will not need a stand, and this could allude to a design that doesn't have flaps that are as outward facing and wide as in the current PlayStation 5 model.
No designs have been shared by Sony, but the report notes that production on the console will start in Q2, 2023, and that it will hit shelves and retail in the following quarter.