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A basic version of Sony's console with a 20GB hard drive will cost $499 (£266), while a premium model boasting 60GB of storage will sell for $599 (£320).
The exact price in Britain has not been announced but the head of Sony Computer Entertainment in the UK has suggested it could be around £425.
Pre orders of the next generation consoles are on offer for £550 ($1,020) at online shop, play.com.
Prices for Microsoft's Xbox 360, which went on sale last November, start at $299 in the US and £209 in the UK.
The Wii console from Japanese gaming giant Nintendo will cost under 250 euros (£170) in Europe, according to a senior executive at the company.
The figure is the first time the games giant has given a European price.
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