Sony may be canceling the PS5 release date to make way for the PS4K. Apparently, the company will improve the PS4 instead.

The Inquisitr reported that the PS5 release date "is probably not going to happen." It was revealed that the console may have been ditched for something that should have been included in the PS4 launch.

The publication noted that PS4 and Xbox One, despite the hype surrounding them, did not really have a "major improvement" over their predecessors, the PS3 and Xbox 360, respectively. The upcoming PS4 update should, hopefully, be a significant upgrade from the current console.

According to Game Spot, gaming veteran Lorne Lanning asked PlayStation president Shuhei Yoshida about the PS5 release date and other details. The two met during a private dinner at the DICE event last Feb. 2015.

"I said, 'What does the PlayStation 5 look like?'" Lanning recounted. "And he said, 'You mean if...' And I was like, 'Whoa. Are you willing to say that on stage?' And he said, 'Yeah, it's an if.'"

The topic was not discussed in the presentation. However, Lanning has admitted that he is in support of the PS4.5 or PS4K's development.

"It was a really interesting thing; he didn't give me a clear answer, but he's hinting at, 'We need to be more agile, none of us know what the future really looks like so how do we adapt to it faster?' he added. "To me, that's the way he was sort of thinking about it, which I think is the right way think about it."

Meanwhile, Kotaku added that developer sources have confirmed with them that Sony is planning a new version of the PS4. The rumored console is believed to come with increased graphical power and will have games running at 4K resolution.

Moreover, the company has reportedly started to brief developers. PS4.5 or PS4K is said to include an upgraded GPU and more processing power.