I doubt it.
Is it in development? Likely. But Sony seems focused on their plan of a ten-year life cycle for their consoles. Which if they're smart, they'll push back to a 15-year cycle. Who can really afford new hardware when developers haven't really even pushed the technical limits of this generation.
Edited, Jun 24th 2011 7:51am by Sephrick
I am a little confused on what you mean by 10 year life cycle plan.
PS1 came out Sep of 1995
PS2 came out Oct of 2000
PS3 came out Nov of 2006
Thats around every 5 years were getting close to the 6 year mark. Something has to be coming.
It's what Sony has been saying since they released the PS3. If you notice, PS2 and PS3 did over lap, but it wasn't until around 2010 that they finally put PS2 to bed and stopped even talking about it.
Yes, their initial development cycle did seem to be five years, but it's Sony themselves saying they want their systems to be developed for, for ten years.
Aside from Nintendo, who is finally joining this generation with Wii U, I doubt either Microsoft or Sony will announce anything about a new console until E32012. And even then, it may be another year till they're talking release dates. Granted, XBox360 has a year on PS3, so they may be thinking sooner than later.
But in today's economic climate, consumers don't have the disposable income for new hardware, and the big three know that.