There have been a lot of rumors surrounding the release date, features and specs for the Playstation 5, including a possible VR setup for hardcore, and rich, gamers.

The release date won't happen yet until 2020, but there's a reason for that, according to PS 5 Site.

It seems that Sony is waiting for the technology to catch up to its imagination. According to rumors, Playstation 5 will have two versions: one is a more basic-called The Core Experience-which will be connected to the cloud with the specs featuring a hard drive of over 50 Terabytes.

The Pro version, however, will have a Solid State Drive, which will eventually replace the traditional Hard Drive.

In August last year, Nobuo Hayasaka, managing executive officer of Toshiba Corp, predicted that SSD technology would feature 128 Terabytes by 2018 and that should give plenty of storage for Sony to play around with before announcing the Playstation 5 release date.

With that much storage, it would lend credence to the rumors that Playstation 5 would feature VR gaming.

While the specs and features of Playstation 5 are expected to please fans, it still boils down to price

Finally, Sony reversed the position by pricing the PS4 at £349 when it launched in the UK last month. It's significantly cheaper than the £429 Xbox One, although that does come with the bundled Kinect camera.

"It's likely Sony will price the PlayStation 5 at between £350 and £400 when it finally comes out," T3 said, noting that the tech giant has been trying to compete with Microsoft in the pricing of its console, the Xbox.