Kudos to NEOGAF member markao for this initial information, the Playstation community will expand this thread with PS4 Related Project Cars News and Images.
A new crowdsourcing project by Slightly Mad Studios for their next multi-platform (PC/SteamOS/XBox 1/PS4/WiiU) racing sim title called "Project CARS" (community assisted racing simulation) has started. For as little as 10€ (13.40$), you can by yourself a share of the game to help and develop/influence the outcome of the game. Right now the development happens on PC only (jr member you get a new build each month, team member each week, senior or higher even ofter) and the console version will be ported at a later stage (problems MS/Sony certification), to be able to run the game you will need at least:
Minimum PC Specs
CPU: 3.0GHz Dual-Core or 2.4GHz Quad-Core
GRAPHICS: Nvidia 9600 GT or ATI HD 4750
MEMORY: 2GB of RAM
Funding total  as of 11-11-12 Project is fully funded, 3.75 Million €(no new accounts, or upgrading possible)