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The Nintendo Switch range has cemented its status in the world of handheld gaming devices, but Sony has just announced it will soon be introducing a new console - the PlayStation Portal - which could give the Switch a run for its money.

The mysterious Project Q has now been named by the gaming company as PlayStation Portal remote player.

This means that gamers who already own the PlayStation 5 will be able to stream games from their PS5 console to the palms of their hands.

We don't know the exact date yet the device will be dropping. But Sony has said it will cost £199.99 and will launch later this year.

"We will launch a dedicated device that enables you to stream any game from your PS5 console using Remote Play over Wi-Fi," said Jim Ryan who is president and Chief Executive Officer at Sony Interactive Entertainment.

Sony's PlayStation Portal has an eight-inch HD screen, which is slightly bigger than the original Nintendo Switch's 6.2" ( 15.7cm) screen and the Switch OLED's 7 inch (17.7cm) display.

It also has all of the buttons and features on the regular PlayStation 5 DualSense wireless controller which have been placed on two controller halves.

People will only be able to stream games over Wi-Fi that have already been installed on their PS5.

It's likely Sony's new device will be competition for the Switch, but there's still a lot we don't know about it.

There are some obvious similarities to the Nintendo Switch, which is also a handheld remote gaming device. But Sony's remote player will not work as a standalone remote gaming device and players will need to have both a PS5 console already, as well as access to Wi-Fi.

We know the Switch has lots of loyal fans, with more than 125 million sales worldwide. Only time will tell if Sony's PlayStation Portal will be a success in the world of handheld gaming devices.