Since the PlayStation 3 came out in late 2006, it has been very popular especially among developers since the PS3 offered the first true anti-piracy measure for game developers. Even though the number of games made for the PS3 continues to grow over the past 4 years, reports suggest Sony is planning on developing a new generation PlayStation 4 which will probably be released in the next few years.
According to Game Informer Australia (Issue no. 9) developers are working on developing games for the PS4. Since it takes about 2 years on average to make a game it is possible the new console gets released sometime in between 2012-2014. However these are still rumors and Sony officially still hasn't confirmed anything.
Still the news looks promising and if it is true it will be interesting to see what new features and enhanced hardware the PS4 brings to the console market.