Sources close to the manufacturing and design of a new PSP have confirmed that Sony will announce the revamped handheld design at this year's E3 conference in June.
The new PSP's name hasn't been decided yet, but the strongest candidate as of now is "PSP Go!".
The new system will forgo UMD support, and will come in 2 SKUs, sporting 8GB and 16GB of built-in flash memory consecutively. To make up for the lack of UMD support, Sony will make more than 100 classic and new PSP titles will be available for download at launch.
The new system will keep the current PSP controls, but they will be mounted on a sliding unit that can be tucked under the console's screen. A mockup is available in the screens tab, but keep in mind that it isn't an actual photo of the new system.
PSP Go! is set for release in Japan this September with a U.S. debut coming in either late October or early November.