Update 8/31/2020 7:15 PM EST: Ubisoft has removed this language from the support page.
According to an Ubisoft support page, the PlayStation 5 will not feature backwards compatibility for PS1, PS2, or PS3 games. While not exactly a shocker, any scrap of information regarding the upcoming console release is a tall drink of water in a knowledge desert, as we wait patiently for pricing and release date information.
While Microsoft provided a release window for Xbox Series X, Sony has yet to unveil any details of this nature. With console launches expected to hit the holiday window this year, both video game industry titans are holding critical information until what appears to be the last possible moment.
[Source: Ubisoft via Wario64 on Twitter]