Sony's "See the Future" PlayStation event takes place today with a live stream available at 6 p.m. ET from New York City.

Sony released a teaser video on Jan. 31 hinting that the company will reveal details about the upcoming PlayStation 4, codenamed Orbis, and the future of the gaming console.

The company did not confirm if it would announce the release of the device.

Previous rumors suggested that Sony would unveil the next-generation gaming console at E3 in June, according to Game Informer Magazine.

There is also speculation about what game will be announced to be released alongside the PS4.

Videogamer cited an industry source on Feb. 8 that said Killzone 4 will be released with the upcoming console as the Killzone series has traditionally been used to showcase Sony's new hardware.

The rumored specifications for the PS4 include the following: an 8GB system memory, 2.2 GB video memory, an eight-core AMD64 "Bulldozer" CPU and an AMD R10XX GPU, according to VgLeaks . There will also reportedly be four USB 3.0 ports, a Blu-Ray drive, 160GB HDD, an audio output equipped with HDMI & Optical, 2.0, 5.1 & 7.1 channels and possibly a new design for the DualShock controller.

Rumors of new controllers were reported by Kotaku in January that included two designs possibly in development.

One controller will apparently feature motion-sensing and a capacitive touchpad, similar to the back of PlayStation Vita, as well as a 'Share' button. The other input device is rumored to resemble a redesigned Move controller.

Kotaku stated that the current specs for the PS4 support the previous and current model Sixaxis and DualShock 3 controllers.

The last time Sony held a PlayStation event was in January 2011, where it presented a prototype of its handheld Vita console. Before that, it convened a gathering in 2005 two months after it first demonstrated the PS3 concept.


Video streaming by Ustream

See the teaser video below:

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Ps4, Sony, Playstation