News about Sony releasing a "newer, more powerful" version of its PlayStation 4 console, dubbed as PlayStation 4.5 and PlayStation 4K, spread like wildfire and now, a recent report said that the new console will be released on October 2016, the said launch date being in line with the release of the PlayStation VR virtual reality headset.

In its report, Tech Insider said that PlayStation 4.5, which is intended for graphics-heavy games (can play games in 4K resolution) and to compliment the also much-awaited PlayStation VR, will be coming with an upgraded graphics card that will allow smoother gaming performance and produce better graphics.

Currently, the PlayStation 4 is only at a resolution of 1080p; the PlayStation 4.5, on the other hand, will have over four times better resolution.

Tech Insider further said that gamers will benefit from the enhanced graphics and power of PlayStation 4.5, especially for VR games. It added that, according to Wall Street Journal, gamers can play the same games on both versions of the console.

On the other hand, a leaked information published by iDigitalTimes posted a different release date for the PlayStation 4.5. The leaked information it quoted from OsirisBlack said that the new console will be released on "Q1 2017."

The leak further said that PS 4.5's price will be no higher than $499.99. Its GPU will be "twice as powerful as standard PS4 and much faster."

"They did not say exactly how fast but that it was running at a higher clock speed while being much smaller than the original," the leak read.

"Also there was talk of some sort of VR lounge for the media player app which is supposed to be getting a substantial upgrade. It was stated plainly and with no room for interpretation that there are developers that already have development kits for the PS4K and that they are making games that will directly target and take advantage of the higher specs of the PS4K," it added.