Sony is allegedly working on making the PS4 backwards compatible, at least for PS1 and PS2 titles, claims an industry insider.

Ahsan Rasheed dished out the update on Twitter, saying "Be excited: 1. Local PS2 / PS1 support on PS4 w/ native 1080p rendering for select titles. 2. Bluray+Media Player updates," in one tweet.

Responding to a Twitter user who was obviously shocked with the news, the industry insider remarked, "@reptilescorpio Number 1 I've known for a good minute, but software is still buggy and not every game works. Please be excited," in another tweet.

But wait, there's more! Rasheed also says that VR demos, exclusive game stuff and PlayStation Now are on the horizon. "3. VR demos from at future events 4. PS4 exclusive game stuff 5. PlayStation Now launch," he continued in another tweet.

Though none of these have been confirmed by Sony, DualShockers notes that the industry insider "is normally quite accurate with the information his sources give him."

Should Rasheed's tweet prove true, gamers will finally be able to get their hands on classic titles, with some selected titles even on 1080p native resolution. However, the speculation sort of defies the role of PlayStation Now, which was assumed to take the role of bringing Sony's back catalog to the PS4, being a game streaming service, notes ExtremeTech.

"Instead, we might have access to the entirety of the PS1 and PS2 library running on the PS4′s hardware itself. It's easy to imagine Sony selling emulated classic titles on PSN, but this could also mean that PS1 and PS2 game discs could be played seamlessly," notes the outlet.

The Blu-ray and media player update will no doubt be a welcome addition to Sony's game console. As for virtual reality, which has gained traction ever since Sony let out word on Project Morpheus, the alleged demo would be a first, if ever.

Sony's game streaming service, the PlayStation Now, will allegedly allow gamers to stream and rent PS3 titles for $5 to $6 a title, says CVG. The PlayStation Now will reportedly permit gaming from almost any Sony device, adds the outlet.

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