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Next gen HW, so nothing less than Zen 2 for the CPU cores, first Zen 2 CPUs will come in 2019 if AMD won't delay them further, but APU implementations suitable for consoles could come later. And as far as we know Sony hasn't even started shipping definitive dev kits, PS5 won't come earlier than 2020. But if Sony plans to use Zen 3 instead, it won't be earlier than 2021.
GPU architecture OTOH won't be a problem Navi is already light years ahead of PS4 base model GPU cores, so even a low-mid range 2020 Navi will grant the necessary performance leap for a new gen console, and more than enough graphics computing power for 1440p VR or even better, and full 4k single screen for the base model and 8k for the Pro.

Stwike him, Centuwion. Stwike him vewy wuffly! (Pontius Pilate, "Life of Brian")
A fart without stink is like a sky without stars.
TGS, Third Grade Shooter: brand new genre invented by Kevin Butler exclusively for Natal WiiToo Kinect. PEW! PEW-PEW-PEW!