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It's certainly possible, I'm sure Nintendo's success with the Switch has not gone unnoticed by Sony. And they have done that kind of thing before.
However, they have not really been massively successful in that arena and Nintendo dominates in it so strongly, that a new attempt would be a bit of a gamble, and a costly one at that. I'd like to see Sony succeed in any way possible, but trying to go portable again is risky. It would have to be implemented perfectly in order to stand a chance.
Also, as some of you have pointed out, Sony games don't necessarily lend themselves very well to the portable experience. Their games tend to be about heavy story and cinematic presentation and a small screen doesn't really do justice to that kind of thing or set the mood correctly.