UPDATE: Sony announces and confirms November release date for PS4 at $399.

UPDATE: You can live stream the PS4 release date announcement at Gamescom 2013 at 1pm ET right here

A new report this morning says Sony will announce its PlayStation 4 release date, aka PS4, tomorrow August 20 at the Gamescom 2013 convention in Cologne, Germany. The release date announcement comes just as many fans and soon-to-be PS4 users were preparing for an October release, but can now sleep easy as the console looks to be unveiled tomorrow. The PS4 looks to cost $399, affordable when compared to its counterpart, the Xbox One at $499.

An article by CNET illuminates the PS4 release date plans for tomorrow, though interestingly enough offers no confirmation from Sony at all. In fact, the article really doesn’t say how they got their hands on the information, so really it’s their word against another publications’. But, should it hold true that tomorrow is the day, needless to say the news is exciting.

Gamescom 2013 makes perfect sense as a venue for the console’s disclosure as like E3 and Comic-Con before it, the exhibition is one focused on interactive gaming and consumer tech. Rival console Microsoft’s Xbox One is also expected to make an appearance, though that release date is already scheduled for November so it’s unlikely we’ll see anything but new games and maybe some undisclosed features on that front. Nintendo’s Wii U will also be put on full display.

Previous rumors pegged the PS4’s availability for the holiday season, a time of year that typically runs from November through December, so such an imminent announcement could mean for an earlier date the console hits the shelves. It’s safe to say that Sony is sick of the PS4’s good press being overshadowed by that of Microsoft’s Xbox One, including its carrying over of the Xbox 360’s season pass on some games and the inclusion of a developer’s kit within the console, so perhaps Sony’s reasoning behind what could be an earlier than thought launch is that it’s sick of Xbox stealing its thunder and will release its respective console first.

As for features and specs, the PS4 will allow for background uploading and downloading meaning the console can both update itself and download games while being played and engaged with. Users will also have the ability to stream their game play sessions online and create quick video clips to send to friends and share with the PlayStation network as well as various social media platforms. PS4 also allows for streaming games instantly.

The PS4 will have x86 processor, a customized graphics processor and GDDR5 memory. PS4 will be capable of 170GPBS bandwidth and will include a Blu-ray/DVD drive, as well as USB 3.0, Ethernet and Bluetooth. The PS4 eye accessory will have two cameras and four microphones and be capable of 1280 x 800 video at 60fps, 640 x 400 at 120fps and 320 x 192 at 240fps.