Sony may hold an event in September to fully reveal the upgraded version of its PlayStation 4.

PS4 Neo, the long-rumored and once-confirmed revamped console, will get something along the lines of a “technical showcase” next month, according to reports from news sites Vice and Gameblog. This will happen in New York City, just like the launch event for the PlayStation 4 in 2013. We have reached out to Sony for confirmation of these claims, and we’ll update this post with any information from the company.

PS4 Neo is often referred to as PS4.5 and PS4K by gamers and developers. It will reportedly feature an improved GPU and CPU. The idea is that the system will output improved visuals at a higher framerate and possibly even at a 4K resolution.

While Sony will likely use the rumored September event to show off the upgraded power of the Neo as the main selling point, the company is partially making this move for financial reasons. AMD, the manufacturer that provides the chips in both the Xbox One and PS4, recently introduced cheaper, faster, and smaller Polaris GPUs. This advancement enables video cards to deliver better performance at lower prices.

The combination of faster and less expensive means that Sony (and Microsoft with the upcoming Xbox One Scorpio) can beef up its PS4 to sell at a higher price. The PS4 sells for $350, and Sony wants to slot something back in at the $400 price range or possibly even higher. That will increase the average sales price, and that could improve the revenues for its gaming division — which are already the bulk of Sony Corp. profits.

A 4K-capable PS4 could also juice 4K television sales, which is something that could help Sony’s display division.

Microsoft just released the Xbox One S, which is a slimmer version of the Xbox One. It does 4K video and features the new Polaris chips from AMD. While many gamers may choose to wait for the more powerful Neo or Scorpio, the S comes across as Microsoft’s early effort to raise the average sales price of its system while also settling the 4K market for its upgraded system in 2017.