Advice on Xmas gift

So my 12 year old has been asking for a PS5 for the past year, he’s convinced that he’s getting one for Xmas even tho I’ve never said anything about it. In all honestly we cannot afford a PS5 so he won’t be getting one. I’m feeling extremely guilty as it’s all he’s been talking about. He will say things like “I can’t wait to get my PS5 for Xmas” and “should I give you a list of games I’d like for my PS5 incase you guys or anyone wants to get me one for my birthday”. Like this kid is convinced and I feel he’s going to be disappointed. We did get him a video game for our Xbox and a keyboard piano as he’s been asking to learn to play.

Any advice here?