The hotly-anticipated PlayStation 4 is expected to be unveiled later.
Sony is holding an event in New York, during which it has promised to reveal "the future".
But the console manufacturer has refused to confirm widespread rumours that the latest version of its PlayStation will be launched.
However previous events have been used to premiere new hardware like the current PlayStation and the Vita hand-held console.
Recent photographs leaked online appear to show a prototype controller with a touchpad alongside the classic DualShock-style controls.
The unveiling will excite millions of video game fans across the world and add fuel to the on-going battle between Sony, Xbox 360 manufacturers Microsoft and Nintendo, the makers of the Wii system.
Since the first PlayStation console launched in December 1994, Sony has sold more than 310 million home consoles worldwide and 2.9 billion games.
Microsoft is also tipped to reveal details of its next generation console in the coming months.
Larry Hryb, Xbox's director of programming, recently fuelled speculation by posting a countdown to June's E3 games show on his blog.
Today's event in New York is being seen by many as an attempt by Sony to steal a march on its fierce competitor.
Last time around it was beaten to the market by Microsoft, with the Xbox 360 coming out in November 2005 - a year before the PlayStation 3.
Console sales in the UK were down by a third last year, but games industry body UKIEhas suggested the dip may be partly due to shoppers saving their money for next generation machines.
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