Trade mag MCV says that Sony is gearing itself up to re-launch the seven-year-old PS2 console with a brand new model. It will reportedly have a built-in power supply for the first time, and will cost 25 per cent less than it does currently.

When the PS2 launched in 2000, Sony went on to put out a cut-down version of the original PlayStation, called the PSone. Sony has since done the same with the PS2, redesigning it and repackaging it as a much smaller unit.

New PS2 to hit market

With a slow start to the PS3's proposed 10-year lifespan, and strong sales of the slim PS2 continuing, Sony looks like it's putting out yet another redesign to keep the money rolling in. And while the PS3 is too expensive to compete with the Nintendo Wii, the PS2's new family-orientated approach could see it continue to be popular.

The new PS2 will reportedly cost $99 (£47) in the US, with a UK price tag expected around £75.

Sony says it expects to sell another 10 million PS2 consoles in this financial year. And what's more, there will be 160 new games released for the PlayStation 2 platform in the next five months.

The PS2 is already the biggest selling console of all time, having shifted over 120 million units.