As expected, Sony is developing an upgraded version of its PlayStation 4 console with support for 4K and richer graphics, Sony Interactive Entertainment head Andrew House told the Financial Times.

"It is intended to sit alongside and complement the standard PS4," according to House, who revealed that the console will be more expensive than the existing $350 PS4.

Rumors about a new PS4, codenamed "Neo," began swirling in March when The Wall Street Journal teased a new PlayStation that could more effectively handle virtual reality content. April reports tipped a $399 price tag and a new gaming mode intended to take advantage of super-charged specs, like a higher clock speed, improved GPU, and higher bandwidth on the memory.

Don't look for "Neo" at next week's E3, though. "We want to ensure we have a full range of the best experiences on the new system that we can showcase in their entirety," House told the Times.

The new and old PS4 will support Sony's upcoming virtual reality headset, which arrives in October. House also promised game compatibility with the standard PS4, and said that "all or a very large majority" of titles will work on the high-end console, as well.

In May, Sony celebrated more than 40 million PlayStation 4 units sold worldwide, about six months after topping 30 million in sales.

Sony did not immediately respond to PCMag's request for comment.