The new game in the multi-million selling franchise will feature objective-based missions, while Xboxliveaddicts claims the Xbox 360 version will also include exclusive content and gameplay not offered in the PS3 edition.
Starring the infamous character Solid Snake, Metal Gear Solid 4: Guns of the Patriots, as with other titles in the series, is being created by renowned designer Hideo Kojima.
A Konami spokesman said of the PS3 edition: "The game is set after the events of MGS2 and players will reprise the role of top secret agent Solid Snake with appearances by characters throughout the MGS series. With the addition of online capability, MGS4 is a leading product and will signal the dawn of a new gaming era for the MGS series."
The firm also added: "MGS4 brings a totally new concept and situation, resulting in the toughest Metal Gear infiltration mission ever devised."
Industry insiders claim publisher Konami is also in talks with Nintendo to bring a cut-down MGS game to the Wii.
Metal Gear Solid 4: Guns of the Patriots will be released in 2008.