"This new system, which will reportedly boast "enhanced graphics and power," will live alongside the existing PS4, with games working for both platforms, according to the WSJ."
"Existing PlayStation 4 owners would need to buy the new model to take full advantage of the enhanced graphics and power," it said. "Though it is likely that the current model and the coming one would share the same software catalog."
"The WSJ also reports that the new console--which wasn't given a name but is apparently being referred to as the PS4 4K--will be announced before the October launch of PlayStation VR, sources said. The system will be able to power "ultra-high definition resolution graphics."
http://www.wsj.com/articles/sony-plans-new-playstation-for-graphics-heavy-games-1459152941
They seem to be quite adament.