A new 4K-ready PS4 has been rumored for quite some time now, and while Sony has decided to confirm its existence, the device isn’t ready for public viewing at this time. Earlier today Sony chief executive Andrew House confirmed that Sony has been working on a PlayStation 4 “Neo” console, but didn’t elaborate on all of the console’s functions.

On Friday, during an interview with the Financial Times, House stated that the new PS4 console will include a faster processor, improved graphics, and will also support a 4K resolution. House stated, “It is intended to sit alongside and complement the standard PS4,” says House. “We will be selling both through the life cycle.”

With the recent explanation and confirmation, fans might think that Sony is teasing a big E3 reveal for later this month, but that’s not the case.

Sony won’t be unveiling the new PS4 Neo during this year’s big E3 event this year, and there hasn’t been any confirmation on price or specs at this point.

House did mention that the new upgraded PS4 version will cost more than the basic PS4 model, which currently ranges in price up to $349. House explained that games moving forward will still be supported by the PS4. So you won’t have to upgrade immediately if you own a PS4. House said in the interview, “all or a very large majority of games will also support the high-end PS4.”

House didn’t clarify why Sony wasn’t introducing the PS4 Neo at this time. Leading up to House’s statement, many in the industry did think that Sony would announce an upgraded console at E3 this year, but that looks less likely at this point.

At the same time, many industry publications believe that Microsoft will also be introducing a new console in the future, perhaps at E3 this year. It could be that Sony is waiting for Microsoft to release its specs on the Xbox One, with the possibility of matching or exceeding those specs with their own model.

Fans will just have to wait for E3 to see which console manufacture blinks first, the big event will take place from June 14th through June 16th.