Will GT7 also be available on current gen though? Playstation gamers will be eager to play Sony's flagship racing title, but will they have to upgrade to the new system?
We've got everything you need to know right here!
The next generation of racing
Gran Turismo 7 has long been rumoured to be a launch title for the PS5 but that is still unconfirmed at this time.
The likelihood is that GT7 will be available on launch, partly because this title will be able to showcase the PS5's incredible specs.
THE FUTURE: Will GT7 also be available on Sony's current console?
In some ways, that alone will put the nail in the coffin for a PS4 version of GT7. Why would Polyphony scale down their state-of-the-art racer for a console that will be unable to support new features?
Thinking cynically as well, Sony won't want the PS4 to have GT7, as they'll want to sell as many units of the PS5 as possible. Having an exclusive like Gran Turismo will do exactly that.
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On the flip side of the coin, PS4 games could be playable on the PS5. There's been no confirmation yet, but there are still rumours about a PS5 that will be backwards compatible.
There is hope for PS4 gamers
Of course, it is possible for Gran Turismo 7 to be available on PS4. It's common for major sports games to be released on both current and next-gen around the transition periods between generations.
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For example, the PS2's final FIFA game was FIFA 14. This was released in 2013 despite the PS3 being arriving in 2007.
However, there are some issues here. Those that have attempted to use their old PC's to run modern games will know the difficulty in using ageing hardware to perform tasks it wasn't intended to.
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If Gran Turismo 7 was released on PS4, the textures, sound, graphics and even the number of cars available will be downgraded/ limited.
Will Polyphony want to release a downgraded GT7 on PS4? It's doubtful, PS4 gamers can still enjoy GT Sport, of course.
Producing a game of a quality significantly below the current cutting edge isn't in Polyphony's DNA.
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The original Gran Turismo is generally regarded as one of the best racing games of all-time and started the popularity of serious racers. Gran Turismo 4 pushed the limits of the PS2 and GT5 did likewise for the PS3.
After what some regard as poorer games in GT6 and GT Sport, Polyphony will be aiming to return to the forefront of racing in the next generation of consoles. The PS5 and GT7 are the perfect opportunity to do so.