Further details on the release have not yet been provided, but it is likely the title is part of the platform holder's ongoing initiative to release PS2 games on its latest console.
Previously re-released PS2 games have included Trophies and some small visual upgrades. It is unclear, however, if these will also be implemented for Psychonauts.
There are currently 10 games in the PS2-on-PS4 library, including Grand Theft Auto San Andreas, PaRappa the Rapper 2, and Twisted Metal Black. Sony has also confirmed that The King of Fighters 2000 and Arc The Lad are also set to be included.
Sony's Shuhei Yoshida previously said Sony will work "tirelessly" to release even more PS2 games for PS4 "on a regular basis." The company is also asking for your suggestions for which games should be added.
On January 6, Psychonauts 2 -- a sequel crowdfunded using Fig -- reached its $3.3 million goal. Sony has said the follow-up will be coming to PS4, along with a PlayStation VR experience called Psychonauts in the Rhombus of Ruin.