Word has been quickly spreading that Sony is working on a follow up console to its popular gaming device, the PlayStation 4. If rumors are to be believed, the console — dubbed PS4.5 — may be released this year, with Microsoft on its toe.

Rumors about the upcoming gaming console has been making its rounds since last month, with reports saying that Sony has already presented the new device to developers in a secret meeting. However, the Japanese tech giant has continued to be tight lipped with anything PS4.5 related, making gamers go crazy.

So far, reports reveal that the new console will sport upgraded specs, including a more powerful processor to power the PlayStation VR, and support for 4K resolution. This new feature has some calling it the PS4K, Christian Today noted.

The site also noted that the PS4.5 may arrive just in time for the Holidays this year, making it the perfect gift this Christmas and a must on every gamer’s Santa list. But nothing has been confirmed.

As for Microsoft, speculation on an Xbox 1.5 have also been going around. Xbox fans believe that if Sony is coming up with an update to its gaming console, so should the US-based company. However, Microsoft Xbox Head Phil Spencer was quick to deflate all talks of an Xbox One and a Half, clarifying that Redmond, Washington company has no plans of going a half step higher.

“I’m not a big fan of Xbox One and a half. If we’re going to move forward, I want to move forward in big numbers,” Spencer shared at the recent Build Developers Conference, notes Screentrant.

“For us, our box is doing well. It performs, it’s reliable, the servers are doing well. If we’re going to go forward with anything, like I said, I want it to be a really substantial change for people — an upgrade.”

While this statement is already telling, gamers are still hoping they could see another next-gen head-to-head battle between the PlayStation 4.5 and the Xbox 1.5 during the holiday season.

Stick around for more updates on the PS4.5 and Xbox 1.5 release date, price and specs.