According to two new reports, a major PS5 event will be held on June 3. We may see the final PS5 design, system interface, and gameplay. However, the biggest details about the PS5, such as price and release date, may have to wait for future events. Additionally, a deep dive into the PS5's game library will probably come at a later date.

The information comes from two independent reports from Bloomberg and VentureBeat. Both sites have confirmed from reliable sources that Sony is planning a major PS5 announcement for June 3, although details are somewhat fluid and the date could change at the last minute. While the details obtained by both sites differ slightly, they agree that the announcement will unveil something substantial, and that they are also planning events in the coming months that will provide bits and pieces of information.

Interestingly, neither report reveals exactly what Sony wants to show off, but showing off the physical design of the system seems like a safe bet: we've known for months what the Xbox Series X will look like, and Sony has already revealed the design of the DualSense controller. Unless Sony wants to show off the PS5 interface in a vacuum (which is possible), we will likely see the system itself.

What is not clear is how much gameplay we will see. Both reports agree that Sony will probably show off the launch library at a later event, but one report suggests that Sony was well aware that at Microsoft's May 7 event, fans would want to see actual gameplay, not just a few pre-recorded clips Sony was well aware that fans wanted to see actual gameplay, not just a few pre-recorded clips, at the Microsoft event on May 7. Therefore, it would not be unreasonable to expect gameplay, even if it were a third-party multiplatform game like Assassin's Creed Valhalla.

Sony also wants to keep the PS5's price fluid, at least for the time being. The company wants to price the PS5 competitively, but also does not want to take a loss on the hardware. If Sony announces a price that gamers consider too high and Microsoft undercuts it, the PS4 will be $100 below the Xbox One's launch price in 2013, a reversal.

Earlier rumors pointed to multiple possible PS5 launch dates back in February, but none materialized outside of a spec-focused deep dive in March. This may be due to Sony's desire to make the PS5 launch event as polished as possible in the absence of an actual stage show.

On the Kinda Funny Games Daily podcast (via Push Square), gaming personality Alanah Pearce said that "Sony is already trying to do a presentation this year," and that "it's not something we recorded before, very, very attached to the idea of having a very professional stream," she said. As such, previous plans for PS5 digital events may have been scrapped, according to developers Pierce spoke with.

In any case, if there is indeed a big PS5 announcement a week from today, it is expected to be official fairly soon. Sony will probably host a live stream, as they will want viewers to stay tuned. Sony's ongoing State of Play video series, which spotlights games like "Ghost of Tsushima" and "The Last of Us," runs every few weeks and can be viewed on the official PlayStation YouTube or Twitch channel.

Assuming a live event is scheduled, Tom's Guide will cover it each time. Even if not, Sony seems poised to reveal something big about the PS5 within the next few weeks. Stay tuned.