Ray Maguire, managing director of Sony Computer Entertainment in the UK, appeared to confirm that a new version of the PSP was being developed when he referred to the current version as "the first iteration".
Maguire's comments were made at the launch of Sony's PSP in Education initiative.
The only other details mentioned by the UK MD were that the second version would be "smaller" and "lighter".
Sony had previously denied that it would release a second version of the PSP.
However, internet rumours on the PSP's new functions have included a built-in camera, faster load times and a touch screen like the Nintendo DS.
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