The PlayStation 5 remains some way off reaching the market, according to an industry insider.

PlayStation 4

PlayStation 4

Recent reports have suggested that the long-awaited console was in line for a release later this year, but a source has rubbished those claims, telling Kotaku that the device may not actually be available until 2020.

The PS4 launched seven years after the PS3, and over recent months, speculation has been swirling about the possible design and release of the latest incarnation of the iconic console.

One insider revealed: "On a multi-year project, a lot can happen to shift schedules both forward and backward.

"At some point, Sony's probably looked at every possible date. It's all about what they think is the best sweet spot in terms of hardware."

In fact, it's been claimed that Sony could make a last-minute change of plan if another big-name console was released in the meantime.

On the other hand, a large number of people connected to the gaming industry have told Kotaku that they haven't anything about the possible release of the PlayStation 5.

Speculation about the console rose last week following the publication of an article by Semiaccurate, which claimed that a significant number of PlayStation 5 development kits had been sent to game makers.