Sony’s Global CEO Andrew House finally confirmed after months of speculation that a new, upgraded PS4 is on the way.

Just not in time for E3.

According to Polygon, while talking to Financial Times House took some time to talk about the new console, and while not talking any specifics, he did confirm a few rumors that have been floating around for the last couple of months.

House never officially called the console by a name but for the sake of writing we will call it by its code name Neo.

First off he said that a “high end” version of the console is on the way and it would cost more than $350 (roughly the current price of a vanilla PS4). He also said that the Neo will “sit alongside and complement” the current model and the two models will be sold concurrently for the foreseeable future.

We will be selling both [versions] through the life cycle…

The idea that the two consoles will work in harmony has been a sticking point for some people, due to the fact that if Sony doesn’t play this right, it could end up fracturing the market. House tackled that worry, particularly the rumor that games will have a “Neo Mode” that would optimize the game for the console.

All games will support the standard PS4 and we anticipate all or a very large majority of games will also support the high-end PS4…

As expected the Neo will be able to support 4K TVs and will provide a better PlayStation VR experience.

Sadly House also said that we wouldn’t be seeing the new PS4 at E3 next week, saying that he wants to make sure that there is a lot to show people before unveiling the console.

This doesn’t rule out the possibility of the Neo making an appearance this year. As we’ve previously reported, the rumor is that the Neo will be revealed before the launch of PlayStation VR this October.

While Sony may not be revealing any new consoles at E3, rumors suggest that Microsoft will be showing off a new slimmer Xbox One and could talk about their upgraded console called “Scorpio”.