The PS4 release date will be officially announced tomorrow, Feb. 20, at Sony's official event. In addition the release date, Sony will also reveal information about the PS4, possibly including specs and the starting price.

Rumors have indicated that the PS4 console will be released in late 2013. The European release date is expected to follow in early 2014.

The PS4 will be released in time to compete with the new Xbox. Rumors have circled that the PlayStation 4 will be more powerful than the Xbox. The PS4 is thought to have about 4GB of memory, and will be based on AMD technology. Although the 4GB of memory is considered relatively small, according to a blog, the memory is "a single lump of super-fast GDDR5, making it easy to access and develop games upon."

The new Xbox 720 has a more complicated memory structure, which would result in slower memory. So, the Playstation 4 will be better suited for advanced graphics, while the Xbox may excel at running multiple apps at one time.

Fans of the PlayStation franchise have expressed concern that the new system will not allow crossover play with PS3 games. However, recently Sony addressed these concerns, revealing a Cloud streaming service that would allow PS3 games to play on the PS4 console.

The PS4 will also have a new controller that includes a touch pad. The new controller may also have upgraded motion controls. A patent has recently been uncovered for a Sony PS4 Eyepad, in which a pair of 3D cameras scans objects to create a digital image. The movement of the object is then tracked with motion sensors.

The PS4 is expected to have a share button, so players can display screenshots they take during the game with their friends through social media. Sony's new game system will likely include Blu-Ray player, a defining marker of the PlayStation brand.

With all of these advances, the PS4 has been rumored to have a starting price of $400.

Sony will announce the PS4 official release date, including more information on specs on Feb. 20 at 6pm.