Ubisoft boss Yves Guillemot says the PS5 and Xbox Series X will support backwards compatibility.
The CEO has promised gamers that the next-gen consoles "will be running almost all the back catalogue of the previous consoles".
in a recent financial call he added that: "Those consoles will be running almost all the back catalogue of the previous consoles.
"It will be something new in the industry. It will help the old generations to continue to be big consoles on the market for years to come."
Sony's Mark Cerny previously confirmed that PS4 games would "definitely" run on the PS5.
Sony launched the official website for the console last week.
The video game giant - which previously announced its next generation console will be released in 2020 - invited fans to sign up for a newsletter and promised more announcements are to come.
On the site's landing page, the company wrote: "We've begun to share some of the incredible features you can expect from PlayStation 5, but we're not quite ready to fully unveil the next generation of PlayStation.
"Sign up below to be among the first to receive updates as we announce them, including news on the PS5 release date, PS5 price and the upcoming roster of PS5 launch games."
Meanwhile, Sony confirmed it is skipping the E3 industry event this year, after similarly stepping back from the 2019 edition.
In a statement last month, the company explained they "do not feel the vision of E3 2020 is the right venue for what [Sony] are focused on this year".
Sony added that instead they are building up their "global events strategy in 2020 by participating in hundreds of consumer events across the globe".
They also stated that they have plenty of content coming out this year for PlayStation fans, with a "fantastic line up of titles coming to PlayStation 4" as well as "the upcoming launch of PlayStation 5".