Speaking with developers who attended tech conference CES, VG247 said that Sony's next console will be "significantly more powerful" than the next Xbox.
The PS4 - codenamed Orbis - has a run-capability of 1.84 teraflops, while the next Xbox - codenamed Durango - will have 1.23 teraflops, a difference of around half.
However, the new Xbox is said to have more RAM, with 8GB available in total, 3GB of which is dedicated to the operating system, apps and security and the rest for games.
The PS4, meanwhile, has 4GB, 1GB of which is reserved for the operating system.
In terms of graphical power, the new Xbox is said to be based on a Radeon HD 8770 GPU, while the PS4 will be based on AMD's A10 APU (accelerated processing unit) as well as a second smaller graphics chip.
Both consoles will also support Blu-ray discs with a capacity of 100GB.
Finally, the report suggested that media outlets are in possession of documents related to the new Xbox from CES and will leak them in the coming weeks.
Photo gallery - CES 2013 roundup:
Skype will be at the core of the system, replacing Xbox Live's voice and video chat services.
Both consoles are expected to be announced in March for a late 2013 release.
The PS4 is believed to be capable of displaying games in 4K resolution, to support Blu-ray and to ship at an "affordable" price.
Sony and Microsoft are yet to officially confirm any specific details of their future consoles.
Watch a preview video of the 'PS3 super slim' below: