Control will be playable on PlayStation 5 thanks to backwards compatibility. That we know for sure, however, it looks like the game's Finnish developer might have plans to port the title in its entirety to Sony's next-generation machine in order to make it a native experience. With two pieces of DLC planned for launch in 2020, you could probably consider this some sort of Game of the Year edition.
The speculation is sourced from the company's newly published set of financial statements for last year, where it states: "Control’s high quality, uniqueness and technical innovation provide opportunities to bring the game to new platforms." This, combined with the fact that Remedy is currently preparing for the arrival of next-gen consoles certainly suggests that the adventure of Jesse Faden could be making its way to PS5. "There is also on-going work so that we are prepared for the next generation consoles arriving in 2020."
If confirmed to be true at some point later this year, it represents an interesting move by the developer and confirms that a mandate hasn't been put in place by Sony at the time of writing. Ubisoft has already confirmed that The Division 2 won't receive a native PS5 version, a game which arguably needs it much more than Control due to its live-service hooks and continued post-launch support.
It's going to be a fascinating year for PlayStation as the hardware manufacturer assumedly reveals its plans for porting processes and whether backwards compatibility will actually enhance older titles or not. From where we're standing at the moment, however, it looks like those finer details aren't set in stone just yet.