Sony is reportedly likely to be preparing an upgraded version of the PlayStation 5 to be released later this year after they reduced the sales forecast for the console.

According to a report by CNBC, a hardware upgrade would boost interest in the PS5 and would be made to release in time for Grand Theft Auto VI next year. Sony cut its sales forecast from 25 million units to 21 million for the fiscal year, with an executive saying to expect a gradual decline over the next fiscal year.

A PS5 Pro could refresh interest in the console, as was previously done with the PS4 Pro. That console was released around three years after the original, a similar distance from the PS5’s release to now. Though a slightly upgraded version was already released last year, the Pro will likely be a much more significant improvement.

“There seems to be a broad consensus in the game industry that Sony is indeed preparing a launch of a PS5 Pro in the second half of 2024,” said Serkan Toto, CEO of games consultancy Kantan Games. “And Sony will want to make sure to have a great piece of hardware ready when GTA VI hits in 2025, a launch that will be a shot in the arm for the entire gaming industry.”

The PS5 Pro has been rumored for some time, with one report suggesting that it will be the most powerful console ever made, with potential for 8k resolution for available titles.

While console upgrades traditionally come with a price cut for the base version, that may not be the case for the PS5. Sony is reportedly working to optimize their sales to increase earnings, as profit margins for their gaming division are at their lowest in years at less than 6%, down from 12% to 13% in prior years.

“A scenario where Sony launches a PS5 Pro, but still experiences declining year-on-year hardware sales is very much within the realms of possibility,” said Omdia senior principle analyst George Jijiashvili, referring to a lack of price cut for the base console.

More information will likely be released in the next few months to hit the target of the second half of 2024.