Psychonauts Is Coming To PlayStation 4

Double Fine Productions have announced that Psychonauts is coming to PlayStation 4, via emulation of the original PS2 game later this year.

Psychonauts follows the story of a young psychic named Razputin in his quest to join an elite group of international psychic secret agents, the Psychonauts! He runs away from the circus and breaks into their secret training facility, Whispering Rock Psychic Summer Camp.
As he begins his training by psychically delving inside the consciousnesses of his tutors and those around him, he realizes all is not as it seems, and soon embarks upon a psychic odyssey through a variety of levels set inside the minds of misfits, monsters, and madmen!

The PlayStation Blog has all the details, including quite a number of fan questions about the project, so that is your best bet for all the details. In the meantime, here are screens from the game as it currently stands.