Amid numerous reports of an imminent PlayStation 4 release, Sony has announced that it will host a major PlayStation event on Feb. 20 sparking another round of speculations about the possible arrival of the PlayStation 3 successor.

The event, scheduled to happen in New York, will be the first major PlayStation meeting in two years. In a video posted on the official PlayStation blog titled 'see the future', the Japanese consumer electronics giant merely announced the PlayStation event without giving out much information to confirm that this is the successor to the PlayStation 3.

Sony has been heavily rumored to be announcing the next-generation PlayStation video game console this year and the video does suggest that something great will be revealed at the event. According to Reuters, Sony declined to clarify if it will release a new console at the event. However, a Sony spokesman Masaki Tsukakoshi assured that the company will be talking about the Playstation business.

Sony's last PlayStation event was held back in Jan. 2011 during which it released a prototype of its handheld Vita console. It should be noted that it has been more than six years since Sony released the PS3 home console.

PlayStation 4 remains to be the most-awaited video game consoles for the year along with Microsoft's Xbox 720 and its speculated that both the consoles will hit the shelves by the end of the year.  The next-generation Sony machine has been codenamed Orbis while the Xbox 720 has been referred to as Durango. According to an earlier report, Sony CEO Kaz Hirai had hinted that his company may not unveil the PS4 unless Microsoft unveils its Xbox 720.

According to several leaks, both PS4 and Xbox 720 will feature eight-core CPUs clocked at 1.6GHz and will have their main processors built around AMD's Jaguar architecture. PS4 is expected to feature a Radeon HD graphics chip as well. It's further speculated that PS4 will feature the 'secret sauce' compute module, 1.84 teraflops metric, 4GB of GDDR5 ultra-fast RAM of which 512MB could be reserved for the operating system, 100GB Blue-ray disc drive, and the CPU component could be 75 to 80 mm2.