We've got bad news for those waiting on a PlayStation 5 Pro before making the jump from an older console generation. A trusted insider claims Sony is focusing its efforts on the next PlayStation, as opposed to a mid-generation upgrade.

Sony wouldn't cease production of the "gen 1" PS5 if they had different consoles in production for different price points/specs.
The new PS5 will reduce costs in production and shipping because they can produce just one console; with a detachable disc drive.
— Tom Henderson (@_Tom_Henderson_) January 23, 2023
Tom Henderson, who's as reliable as they come when it comes to leaks, says that the continuous demand for the PS5 - a fact that may have something to do with the relative lack of competition from the Xbox - is making Sony think twice about introducing a hardware refresh. Keep in mind that the PS5 is turning three later this year, which is roughly around the same time that the sales of the PS4 started to taper off. On the other hand, the PS5 is just about to experience a surge now that more stocks are available following nearly three years of stock drought.
If it's any consolation, Henderson still believes that Sony will release new PS5 models - it just won't be an upgrade if you compare it to the PS5.
All things considered, Sony is better off looking forward to the next console generation.
Unlike the PlayStation 4, which was already struggling to keep up with the advancements in technology like 4K TVs and a massive jump in graphics three years into its lifecycle, it feels like today's games still haven't really pushed the PS5 past its limit. Unless we're talking about unoptimized messes, the PS5 is plenty powerful enough for the most demanding games to run with ease, even on a 4K TV. Not to mention, the shift to 8K hasn't happened yet and won't, anytime soon.
When you consider that the demand for the PS5 is still much higher than the available supply, there isn't a point to a PS5 Pro model at all.
Based on the gaming industry's continued support for the PS4 and the Xbox One, and the fact that incoming games haven't tested the boundaries of the new gaming hardware, a Pro model is more of a wishful thinking than a reality. Of course, this could all change. Sony could push back the release of the PlayStation 6 to closer to the next decade to give way for the PS5 Pro. But, this is highly unlikely - new consoles sell better than mid-cycle upgrades.
For what it's worth, Sony is introducing plenty of new hardware in this console generation. The PSVR2 will launch in a few weeks with the DualSense Edge already available as of January 26. Finally, there's Project Leonardo, an accessibility-focused controller for the PS5.