The peripheral attaches to the PS3 motion controller to provide "second-to-none mechanics" for racing games.
"Paired with the precise tracking of PS Move, the all new Racing Wheel is a completely functional unit that offers second to none mechanics to control all aspects of your favourite racing games," read a statement from Sony.
"From the motorcycle twist throttle to the folding grip design, Anton shows us how this new peripheral transforms your PS Move motion controller into the ultimate racing experience."
The peripheral will be compatible with a range of racing titles, including LittleBigPlanet Karting, Gran Turismo 5, Need for Speed: Hot Pursuit, Burnout Paradise and MotorStorm Apocalypse.
The PlayStation Move Racing Wheel will be available in the autumn for $39.99 (£25).