Sony's Worldwide Studios boss, Shuhei Yoshida, told EDGE magazine that both devices will coexist for some time going forwards.
"The NGP features everything Sony can and wants to do today," he said. "It's a platform looking forward with great ambition.
"It can't replace a platform that has already been on sale for seven years now. In terms of pricing, we can't sell the NGP for the same price as a PSP. The PSP has become very affordable and popular, especially with younger generations.
"I think the NGP needs time to mature and get adopted by users," he added. "So, for the time being, both platforms will coexist."
It makes sense in Japan, where the PSP continues to lead the industry. In the West, probably not so much, with only a few promising Square Enix titles on the horizon. Having said that, we've always said a price-cut would do the device massive favours, especially if Sony push games like Eye Pet PSP to the forefront. It really just depends how low Sony can afford to go with the original system.