The Astronauts, the immensely talented studio behind the great adventure title, The Vanishing of Ethan Carter, are working on a PlayStation 4 version of the game. According to their Twitter feed, they have ported The Vanishing of Ethan Carter to the Unreal Engine 4.

They clarified that the Unreal Engine 3 does not work on the current-gen consoles, that is why in order to port the game to the PS4 they had to use the Unreal Engine 4.
@matthewgcooke This + more mundane reason: UE3 does not support current gen consoles 🙂 Also, "porting" is a nice way to learn UE4.
— The Astronauts (@TheAstroCrew) March 23, 2015
They also explained that porting the game to the Unreal Engine 4, was a nice way for them to learn the engine. They continued to state that the reason for porting the game to Unreal Engine 4, was to bring it to the PS4.
@matthewgcooke Yes, yes, and yes 😉
— The Astronauts (@TheAstroCrew) March 21, 2015
Even though we have seen games on the PS4 and Xbox One, that are using the Unreal Engine 3, that was a case of the developers making changes within the source code. Most recent examples is Batman Arkham Knight, which uses a heavily modified Unreal Engine 3, and Mortal Kombat X.

The Vanishing of Ethan Carter is already a gorgeous looking game on the PC
The Vanishing of Ethan Carter is a great game, that already features some incredibly looking visuals on the PC, as well as of the most beautiful forest environments found in a video game. Unreal Engine 4, will likely provide some very nice enhancements, and it will definitely turn out to be one great looking title that PlayStation 4 owners should look out for. There's was no mention of whether an Unreal Engine 4 version of The Vanishing o Ethan Carter will be making its way to the PC, but I would believe, it could be quite possible.
Since the game has already been ported, a release shouldn't be too far off, so we should expect an announcement real soon. We will bring you any new information regarding The Vanishing o Ethan Carter for the PS4, as soon as it becomes available. In the meantime be sure to check out our previous PlayStation 4 coverage, here and here.
Source: Onlysp