The PlayStation 4, which is reportedly codenamed Orbis, will feature custom chips based on AMD's A8-3850 APU and Radeon's HD 7670 GPU, reports IGN.
The two chips are said to offer the combined performance of both integrated and discrete graphics processors.
The A8-3850 APU features a quad-core 2.9GHz processor with an integrated graphics chip, and will support the DirectX 11-enabled Radeon HD 7670 GPU, a rebranded version of the chip reportedly powering the new Xbox.
By itself, the Radeon HD 7670 GPU supports HDMI1.4a output, and is able to run games such as Metro 2033 and Crysis 2 at 30 frames-per-second at a resolution of 1920x1080 (1080p).
Graphical power is likely to improve considerably, however, with the support of the secondary APU, a lightweight operating system and games designed specifically for the console.
The chips are also being custom built for Sony's device, so specifications are almost certain to change.
Despite speculation that it will unveil its new console at this year's E3 event in Los Angeles, Sony has distanced itself from announcing the PS4 in 2012.
Instead, it will concentrate on the PS3 and recently-released handheld the PlayStation Vita.
Watch the UK PlayStation Vita ad below: