Sony will reveal the PS4 at the PlayStation Meeting on February 20th, leaked documents and sources claim that the console will cost £300 at launch.

The leak comes from The Times.  "leaked internal documents" confirm that the price will be a significant reduction from the original PS3 pricetag of £425.

The PlayStation 4 will use Gaikai technology for backwards compatibility, will have a touchpad equipped controller as well as a dual camera set up.

As for a PS3 price drop, Michael Pancter told GamesIndustry International that he was expecting to see the price drop to $199 a day after the next gen console is announced.