Sony Group (SONY) is developing a portable console that can run its PlayStation 5 games in a bid to rival Nintendo's dominance in the portable mobile console, Bloomberg reported Monday, citing unnamed people familiar with the development.

The product would also rival potential mobile hardware from Microsoft (MSFT), which is also working on similar prototypes, the report said.

The design is based around the handheld PlayStation Portal released in 2023, which allows users to play PS5 games by streaming them over the internet, according to Bloomberg. Sony initially intended for it to function as a standalone device, the report added.

Sony may still decide not to push through with the launch, which is likely still years away, Bloomberg said.

Sony did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)