Atlus released a new FAQ for the upcoming multiplatform release of Persona 5 Royal for Nintendo Switch, PlayStation 5, Xbox One, Xbox Series X|S, and PC.
In the FAQ, Atlus confirmed Persona 5 Royal does not support upgrades from the PS4 version to PS5. Currently, the PS4 version is backwards compatible on PS5. Due to the lack of upgrades, PS4 owners of Persona 5 Royal must repurchase the game for PS5 to play the latest version.
Physical editions of Persona 5 Royal for PS5 and Switch will be available in Japan. Additionally, various Japanese retailers are preparing special pre-order bonuses with physical copies. More details will be announced at a later date. In the meantime, the FAQ is available here.
Lastly, Persona 5 Royal releases on October 21 for Nintendo Switch, PlayStation 5, Xbox One, Xbox Series X|S, and PC.