Bloomberg reports that the service is code-named Spartacus. And similar to the Xbox Game Pass Ultimate, Spartacus will combine both PS Plus and PS Now into one, with the latter being phased out.
This will also ultimately change the nature of PS Plus in some ways. Documentation describes a new subscription with three tiers. The first is the standard fare service as we know now. Moving up a tier will grant access to a large catalogue of PS4 games initially, with the PS5 library being added later. And the highest tier will allow the streaming of PS1, PS2, PS3 and even PSP games, as well as extended demos. It all sounds pretty compelling, especially here where there’s no official way of getting access to the Xbox Game Pass. But with PS Now never being available here officially either, it remains to be seen if the other tiers beyond the basic one will make its way to our shores. That is, of course, assuming the report is accurate and nothing changes between now and then. (Source: Bloomberg)