Is Sony finally ready to reveal the PlayStation 4 release date? That's what some insiders think, at least according to new reports that emerged less than a day after Sony announced a surprise press event on Feb. 20. Here's everything we know so far. (PHOTO: YouTube / Sony)

Reports continue to roll in that suggest that Sony plans to reveal the PlayStation 4 during the company's recently announced Feb. 20 press event.Tthough it's unknown just how much Sony plans to divulge in the first announcement.

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The Wall Street Journal reports that the Feb. 20 press event announced yesterday will, in fact, be Sony's PlayStation 4 unveiling, though it's unclear just how much the company plans to reveal. It's widely believed that the company will confirm at least a partial spec list for the PlayStation 4 -- and we suspect they'll discuss a couple of launch titles ("Madden 25" anyone?) -- but it remains to be seen if the PlayStation 4 release date will be revealed in just under three weeks.

On the last day of January, Sony began sending out invitations to a previously unannounced press event which the company said would give attendees a chance to "see the future" of PlayStation. While the company didn't elaborate any further, many have assumed that Sony plans to unveil the PlayStation 4, despite previous suggestions of a Summer 2013 (or later) PlayStation 4 release date announcement from Sony executives.

Of course, Sony's also in a prime position to draw out the PlayStation 4 reveal over the course of at least a week, with the previously announced "Destination PlayStation" event scheduled to begin only five days later on Feb. 25. It's very possible that Sony will confirm the PlayStation 4's existence, tease a release date and then make the company's next console the focus of the three-day "Destination PlayStation" event.

The PlayStation 4 release date, tech specs, and new features have all been the subject of intense speculation in recent months. Previous reports have suggested that Sony plans to ditch the Dualshock controller when the PlayStation 4 release date finally arrives and recently discovered patent applications have many gamers wondering if the company plans to block used games from being played on the PlayStation 4. Many gamers have demanded a denial of the rumor from Sony, promising a boycott of all Sony merchandise if the company attempts to push back against the second-hand gaming market with the PlayStation 4.

Unfortunately, new reports also suggest the PlayStation 4 won't be released in Europe this year, thanks to an increasingly difficult distribution process resulting from a variety of EU and member nation regulations. The PlayStation 4 release date is still expected sometime during 2013 for North America and Japan.

Be sure to check back with iDigitalTimes.com or follow Scott on Twitter for all the latest on the PlayStation 4 ahead of the console's release date later this year.