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It’s official – the PlayStation 5 is confirmed to be in the works by Sony representatives and it seems like prior rumours are true.

According to a report Games Radar, the PS5 will be backwards compatible with the PS4 and will come with a disc drive. Considering the console gaming industry’s gradual transition to disc-less game consumption – we reckon the PS5’s disc drive will mostly be used to run PS4 discs.

Sony has also confirmed that the console will run on an AMD GPU, which makes previous rumours of the console sporting a Navi-based AMD card more likely to be true. Also one of the biggest changes to the PS5 is the addition of an SSD card – for the longest time, consoles gaming was marred by long loading times – especially on AAA games – and at least not, an SSD would effectively rid the PS5 of such a problem.

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The Sony PS5 will also apparently support 8K gaming which was also suggested by prior rumours – albeit the 8K will come in the form of scaling while 4K would be native. Because its supposed to have power comparable to a gaming PC, the PS5 will also support VR.

Sony has also mentioned of improvements to audio output quality for the PS5 which would bring about a holistic set of upgrades to the next gen PlayStation machine.

Based on older reports, the PS5 is set to be announced next year, so its time we appreciate our PS4s for all the great memories they’ve given.