http://ie.ign.com/articles/2012/04/04/sources-detail-the-playstation-4s-processing-specs
More at the link.
The PlayStation 4, reportedly codenamed Orbis, may utilize AMD's A8-3850 APU and Radeon HD 7670 GPU, sources have told IGN, offering the combined performance of both integrated and discrete graphics processors.
According to the official product specs, the A8-3850 packs a quad-core 2.9GHz processor with an integrated graphics chip. The APU will work in tandem with the system's dedicated GPU, the HD 7670, a DirectX 11-enabled card clocked to 1GHz with up to 1GB of dedicated VRAM.
More at the link.