Shuhei Yoshida, the president of Sony Worldwide Studios, made it official during the company's GDC panel, titled "Driving the Future of Innovation at Sony." It's called "Project Morpheus" and looks super sleek. Just check out the images in the gallery above for a better look.
Aside from the fact that Oculus now has a serious competitor to contend with, details are still scarce, but that will surely change in the coming days, as Sony will be providing hands-on time with the device this week.
Be sure to read our full impressions from Sony's GDC Panel.