expected to be announced on February 20 – will be available later on this year in both Japan and the US and will carry a hefty price, according to a translation of a report found in respected Japanese newspaper Asahi Shimbun. The Japanese version, says the translated report, will cost "greater than 40,000 yen," which means it will be more than $400 there.
Asahi adds there will be a rush to meet sales demands on both sides of the world, but the paper doesn't specify a US price; however, the PlayStation 3 launched at $500 when it came to North America, and cost 49,980 yen in Japan, around $535. So Asahi's report suggests that whatever the next generation PlayStation's price is, it will likely be slightly cheaper than the PS3 was at launch.
There's also no mention of a European launch, and the PS3's launch was indeed delayed in Europe by hardware shortages. Hopefully, Sony will clear all this up on February 20.