The PSP Go is a smaller, more lightweight console than the current model and Sony has decided to drop the failed UMD disk format.
Sony is expected to launch the PSP Go tomorrow (Tuesday) after photos and a video of the new console were leaked online.
If the leaks are to be believed, the PSP Go has a 3.8in slide-out screen, is 43 per cent lighter than the PSP-3000, has 16GB of flash memory, Bluetooth support and all content will be downloaded to the device's hard drive rather than using UMD disks.
There's also a memory stick slot, PS3 integration and loads of new games, but pricing has yet to be revealed.
A re-designed, slimmer PlayStation 3 is also expected to hit the shelves later this year, but won't make an appearance at E3 this week.
For more pictures of the PSP Go, see our blog.