The PlayStation Classic is a micro version of the original console's design, complete with working buttons. It will come with 20 games pre-loaded onto the system.
The package will also contain two (full-size) original PlayStation controllers in order to play two-player multiplayer on selected titles.
Sony said that the PlayStation Classic will release in 'limited' quantities on 3 December priced at £89.99.
While Sony has yet to announce the full list of games included with the PlayStation Classic, which will likely differ by region, it did reveal that Final Fantasy 7, Jumping Flash, Ridge Racer Type 4, Tekken 3 and Wild Arms will be included.
Much like the NES and SNES Minis, the 20 game list will be set and cannot be added to via download or other means.
The package comes with a HDMI cable to connect to your television and a USB cable to power the console, however, you will need a adaptor to plug the PlayStation Classic into a wall socket as this is not included.
The release date of the PlayStation Classic holds a nostalgic value for Sony, which originally released the console in Japan on 3 December 1994.
The PlayStation is comfortably one of the most influential consoles of all time, with its 3D graphics, edgy marketing and targeting of older audiences playing a large part in making video games mainstream.
The original PlayStation went on to sell over 102 million units worldwide and establish Sony as a major player in the gaming market.
The announcement of the PlayStation Classic comes following Nintendo's successful venture into the area.
Both its NES Mini and SNES Mini Classic consoles were in high demand, The former's limited run sold out almost immediately, leading to Nintendo restoring production, while the SNES Mini has sold over 5 million units since its release last year.