This is because - without getting too technical - the new machine is based on pretty much the same stuff as the PS4.
Mark Cerny, one of the video gaming boffins responsible for bringing us into this new generation of consoles, recently spoke to Wired and confirmed not only that the machine would be called the PS5 officially, but also that it will support PS4 games.
He said: ""Because [the PS5] is based in part on the PS4's architecture, it will also be backward-compatible with games for that console."
As for those of us who still hang onto outdated things like actual physical games, don't worry about that, either.
The machine, once it arrives, will also support physical discs rather than being completely digital.
Obviously, you'll be able to download stuff straight to the machine, but if you're the kind of old-fashioned gamer who actually likes to have something to hold in their hand, fear not.
If you're wondering about whether or not you'll be able to play PS1, PS2, and PS3 games on this forthcoming machine, you'll have to keep wondering.
So far, Sony hasn't actually commented on whether or not you'll be able to do it. However, if you're willing to look for it, there were some interesting facts stashed away in a patent application from 2018 suggesting that the older games could be 'remastered by emulation'.
That's a bit vague, but there is hope for all of us who still want to play Tony Hawk's Pro Skater 2 on our massive UHD telly.
Whilst it is loosely based on the old PS4 model, there are going to be some big new features for this machine, which will be in direct competition with Microsoft's next-gen Xbox console - so far known only as Project Scarlett.
Sony recently shared information about their new controller, which will feature both 'haptic feedback' (whatever that is) replacing the rumble feature.
PlayStation president Jim Ryan said: "With haptics, you truly feel a broader range of feedback, so crashing into a wall in a race car feels much different than making a tackle on the football field.
"You can even get a sense for a variety of textures when running through fields of grass or plodding through mud."Featured Image Credit: Sony