But two of the biggest details yet to be confirmed are the price and release date.
That is, until now.
A reliable leakster has reportedly discovered the details and published them on Twitter for the world to see.
Continue reading for all of the details surrounding the leak and PlayStation 5’s launch.
The Twitter user in question, @PSErebus, has a good record of leaking useful information having accurately predicted the release date for The Last of Us Part II.
PRIVACY IS DEAD: @PSErebus is yet to reveal where he sourced this information
A RRP of $499 translates to a price of £389 in the UK – which is even more affordable than what we had previously expected.
Sony’s Chief Financial Officer Hiroshi Totoki was not giving us false hope when he addressed the price of the PS5, saying that its affordability was of paramount concern to investors.
Previously, rumours had been circulating around a December 4th 2020 release date.
SLEEK: One of the concept designs that have been doing the rounds in recent weeks
However, with PlayStation’s 25th anniversary ending on December 2nd, the PS5 was always pretty likely to launch before then.
PSErebus goes on to say the leaked release follows a pattern previously set by Sony, as the PS4 was made available in North America within a week of the seventh anniversary of the PS3's release.
READ MORE: Black Friday 2019: PS4 Deals
If this pattern is proven, then the PS5 will be available at some point in the week after the seventh anniversary of the PS4, which is November 15th 2020.
It all adds up.
So if we have a concrete release date to work with, when can we expect the first reveal?
THE FUTURE OF GAMING: The PS5 will feature previously unseen technology and faster loading speeds
In an interview with GameInformer, Sony Interactive Entertainment chairman Shawn Layden said:
"Just because PlayStation is not at E3 2019 doesn't mean we won't be there in 2020."
And where better to debut the PlayStation 5 than at the world's biggest gaming convention?
Die-hard gaming fans - make sure to live-stream the convention - Microsoft's "Project Scarlett" is also likely to be revealed there.