The Direct could take place during the final week of July ahead of Nintendo announcing its earnings for the latest fiscal quarter.
The rumoured remake may not be as ambitious as Square Enix's Final Fantasy 7 Remake trilogy and could launch in early 2027.
The Days Gone developer made headlines earlier this year after Sony cancelled its open-world live-service multiplayer title.
The project is reportedly Sony Santa Monica's "next big thing," though whether it's connected to the rumored side-scroller is unknown.
Rumours also indicate that one of the projects - believed to be a multiplayer game - has recently received several internal updates.
Playground Games' open-world racer debuted on Sony's console last April and has seemingly become another multiplatform success.
The idea that the franchise is coming to an end came courtesy of a post by a contributor for EA-funded car culture website Speedhunters.
The leaked pricing is believed to have been a mistake by Asus, and indicates that a launch date announcement might be coming soon.
One of the projects is said to be the "one you're all wanting", which could very well be the long-rumoured Fallout 3 remaster.
This comes as a follow-up to a previous report that "lost" revenue from first-party titles on the service isn't considered.
These requirements will reportedly continue hurting the company's Gaming division, which recently faced extensive layoffs.
There's reportedly always been "outside interest" in revisiting the Banjo-Kazooie franchise but Rare was more interested in new IPs.
The studio's fantasy action RPG has also reportedly been cancelled, having faced issues with leadership and Unreal Engine.
Choosing one of four classes, players venture out into mission zones to complete various objectives and slay hordes of zombies.
Reports indicate that the simulation-styled racing franchise has been cancelled along with Turn 10's getting hit by massive cuts.
The Death Stranding 2 director's horror title allegedly sought a new publisher after Microsoft's recent wave of layoffs.
Xbox Game Studios head Matt Booty had to reportedly pull the controller away from Spencer when he tried an early build in March.
Studio head Leslie Benzies has also reportedly addressed the team, talking about BARB bouncing back and MindsEye getting a relaunch.
The MMO, codenamed internally as Blackbird, was reportedly in good shape and getting ready to enter full production before being cut.
Ridgeline Studios, the original team on the campaign, allegedly shut down with "nothing left" for other studios to build upon.
