It's been two years since PlayStation 4 (PS4) has been released and it's still a much loved game console. However, reports about a PlayStation 5 (PS5) being developed surfaced online and it got gamers from around the world excited.

Based on Sony's release timeline, Yibada reported that the new console may be released sometime in 2020.

The report also stated that PS5 is speculated to be a streaming console with cloud capabilities. It is also believed to deliver more power, which is vital to current game titles and those that are to come. There is even the possibility that the new console will be launched alongside Morpheus VR, which will serve as the console's addition to the main controller.

Currently, PS4 is using a custom AMD APU, according to Geek, but it remains to be seen if Sony will still work with the same company on their next hardware projects.

However, with AMD reportedly offering new chips that have a speed five times that of the current ones, it's easy to speculate that Sony's team is working on that new console.

AMD's new generation chipset should make PS5 an impressive console that's compatible with 4K resolution and virtual reality gaming just in time for when both technologies are expected to become a hit by 2020.

With that said, there's also hearsay that Sony would break the pattern and might release this rumored console earlier, since new game titles would soon demand more powerful hardware and there will be a need for a new console to support such requirements.

If the company will indeed launch a new gaming platform, it could be bad for PS4 and sales and discounts may be expected.

At the end of the day, a hardcore gamer can only dream for this rumor to come true, but at this point, nothing has been set on stone. Still, a more powerful console is something that many players are looking forward to.