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It's possible but it doesn't make sense.

THe more likely solution is to run PS3 emulation on a much superior Processor which is the Ryzen CPU. Best case scenario for the PS5 IMO we're looking at the following specs, but customized:

PS5 (2020 - 2021)
Ryzen 5 1400+ (Quad-Core CPU, with 8 threads)
10 - 15 TFLOP AMD GPU (closer to 10 $399, closer to 15 $499)
16GB of GDDR5+ / HBM2
1 TB HDD

$399 - $499

Basically a top end gaming PC from today is the range the PS5 should be in Raw performance wise if it launches in 2 - 3 years, unless there's a massive jump in the fabrication node, which is unlikely.

The performance of the CPU should be enough to run PS3 emulation, considering it's being done currently (although slowly). On top of that there isn't a massive need for PS3 emulation, considering several of the best games have already been remastered for the PS4, outside of a few key franchises like Resistance, Warhawk, Killzone, etc... As much as I enjoyed the PS3, there's hasn't been a need for me to go back to that catalog for years now. Maybe at launch, but that was 4 years ago, and it will be the same for the PS5.

It's great to have all generations on 1 platform, for the sake of being able to please peace of mind, but it's not a necessity. Having PS4 BC at launch is the most important, and having those PS4 games run based on the Pro's specs or higher is the route that makes the most sense.