The Sony PSP2 will be announced on 27 January, according to a leading games news provider.
MCV has suggested that its sources have confirmed that the next generation handheld under the PlayStation brand will be unveiled by the end of the month at a press event in Tokyo.
It has become clear that the PSP2 is close, with major gaming developers all but spilling the beans as they prepare for the handheld's arrival.
Nintendo's 3DS – its latest handheld console – has its launch event this month, and a Sony Ericsson PSP Phone is expected to be shown at Mobile World Congress 2011 in February.
But the arrival of the PSP2 could conceivably top trump all of these – if Sony can avoid the mistakes it made with the original PSP and the launch of the PS3 console.
The original PSP and its later updates like the PSP Go have performed credibly but remained in the shadow of Nintendo's megalithic DS.
Interestingly, the PSP outsold all other consoles in Japan in December, so the desire for an alternative to Nintendo is clear.
With phones now approaching the level of technology shown in the original PSP, a new piece of hardware seems long overdue.
It remains to be seen if PlayStation fans' patience will be rewarded on 27 January.
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Patrick Goss is the ex-Editor in Chief of TechRadar. Patrick was a passionate and experienced journalist, and he has been lucky enough to work on some of the finest online properties on the planet, building audiences everywhere and establishing himself at the forefront of digital content. After a long stint as the boss at TechRadar, Patrick has now moved on to a role with Apple, where he is the Managing Editor for the App Store in the UK.