In an Exclusive interview with Wired Magazine, Mark Cerny Chief architect of the PS4 revealed some insight into the specifications of Sony's upcoming console.
Right off the bat as expected it will be an 8 core AMD Ryzen processor based on the 7nm Zen 2 architecture. Graphics will be provided by the Navi based Radeon architecture and will support Ray tracing and 8k Resolutions (checkerboard rendering most likely) it will also be Backwards compatible with PS4 titles as Spider-Man was one of the titles he demoed the devkits with. It will have an optical media drive an SSD storage drive and support PSVR.
He has not mentioned how much Ram the machine will have but he's probably still locking those specs in and maybe also waiting to find out how much Ram the upcoming Xbox competitor might have. The console will also support 3D audio with no additional hardware required. Cerny also claims that the SSD drive has a raw bandwidth higher than any SSD available for PCs and showed that fast travel in Spider-Man was reduced from 15 Seconds to 0.8 seconds.
The PS5 will launch with a variety of Cross generation first party titles with the Last of us 2, Death Stranding, Ghosts of Tsushima etc. with Horizon Zero Dawn 2 Expected to launch in 2021.