Playstation 4.5 or PS4K might actually be a real and will be codenamed “NEO”. The Playstation NEO will have better specs that will bring it up to par with mid to high end PCs in terms of performance. This is definitely a much needed upgrade since the PS4 has been struggling to keep up with mid-range level PCs.
According to specifications on GiantBomb website, the Playstation NEO will have significant upgrade over the PS4 in terms of CPU, GPU and RAM. 
Although the specifications of the PlayStation NEO possibly wont be enough to output games in native 4K resolution, its definitely more than enough to play games at 1080 resolution and at 60 frames per second which is something the PS4 struggles to do at times. 
According to Inquisitr,  the teraFLOPS of the GPU in the PlayStation NEO will  be 4.2 TFLOPS which sits right in the middle of Nvidia GTX 970 and GTX 980 (both of which are high end GPUs) assuming that the core cont will be 2304 which is exactly double the number of GPU cores in the PlayStation 4. GiantBomb goes on to state that owners of PlayStation 4 need not be dismayed by this as there will be no Playstation NEO exclusives and all features of the PlayStation NEO will be replicated on the PlayStation 4; except the hardware of course.

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