Sony and Nintendo are reportedly planning to unveil new consoles at the Tokyo Game Show.
PlayStation 4
Both companies are set to attend the trade event which kicks off on September 15 where Sony's updated PS4.5 and Nintendo's new console could be unveiled to the public.
Website VR World reports said: "Internally known as PlayStation Neo, the console should make its debut at the Tokyo Game Show, with availability coming as soon as Holiday Season 2016 - in time for the PlayStation VR headset."
Speaking about Nintendo, it added: "Nintendo NX console should be announced during Tokyo Game Show 2016."
Nintendo previously told shareholders and gaming enthusiasts that the much-anticipated NX console will feature a "brand-new concept".
In a statement, the Japanese firm said: "Nintendo said: "For our dedicated video game platform business, Nintendo is currently developing a gaming platform codenamed 'NX' with a brand-new concept. NX will be launched in March 2017 globally."
The company also announced that it will not be demonstrated at the upcoming E3 video games conference, which is being staged in June but has not mentioned the Tokyo Game Show.
Meanwhile, Sony previously revealed that the PlayStation Network made more money than Nintendo in the last year.
The technology giant unveiled its annual financial results for the 12-month period until March 31, with the figures showing that Nintendo - which was once the third-most valuable company in Japan - now makes less money than the PlayStation Network alone.
The PlayStation Network, which includes subscriptions and online purchases, made ¥529.1 billion (£3.4 billion) over the year.
By comparison, Nintendo made just ¥504.4 billion (£3.2 billion).