The Times cites industry sources and leaked internal documents suggesting that the launch price will be way lower than the PlayStation 3's prohibitive price of £425 ($650) for the 60GB model when it arrived back in 2007.
The report said Sony is considering a lower entry point to give the console an instant appeal beyond the traditional early adopters, after the troubles the PS3 had snaring buyers in its formative years.
Reports emanating from Japan earlier this month suggested the PS4 could be priced as low as 40,000 Yen, which equates to around £275 ($430) in Sterling. Surely that's a 'best case scenario' for UK gamers?
Upping the social game
Meanwhile, with the hugely-anticipated launch event looming on Wednesday February 20, rumours and reports are continuing to arrive thick and fast.
On Monday evening the Wall Street Journal said the console would expand on the PS3's social capabilities, allowing gamers to more easily share on Twitter and Facebook and post gameplay footage to YouTube.
The report also claims that online multiplayer elements will involve playing against opponents on smartphones, tablets and dedicated gaming devices like the PS Vita.
"Sony's new console may also allow users to compete against others using different hardware, such as smartphones and other portable devices," the report said.
Will these rumours come to fruition when Sony takes the stage at the special 'Future of PlayStation' launch event in New York on Wednesday evening? We'll bring you all of the news as it happens.
Until then you can whet your appetite by watching our rumours video below:
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A technology journalist, writer and videographer of many magazines and websites including T3, Gadget Magazine and TechRadar.com. He specializes in applications for smartphones, tablets and handheld devices, with bylines also at The Guardian, WIRED, Trusted Reviews and Wareable. Chris is also the podcast host for The Liverpool Way. As well as tech and football, Chris is a pop-punk fan and enjoys the art of wrasslin'.