Metro Exodus is coming to PlayStation 5 and Xbox Series X|S in 2021 as a free upgrade that will take full advantage of the power of these new consoles. Next-gen consoles can expect to get the full 60FPS and ray tracing treatment. Moreover, the console versions will benefit from platform specific features as well.
As far as ray tracing goes, 4A Games promise an all-new Fully Ray Traced Lighting Pipeline that brings a number of optimizations, upgrades, and new features to the Ray Traced Global Illumination and Emissive Lighting used in the original release of Metro Exodus on PC, as well as an upgraded implementation of their powerful Temporal Reconstruction technology to further boost resolution, visual detail and performance.
The next-gen consoles will benefit from dramatically reduced loading times thanks to their SSD storage optimizations, boast 4K texture packs, and a range of platform specific features including spatial audio and controller latency improvements on Xbox, and support for the haptic features of the PlayStation 5 Dual Sense controller.
On Xbox Series S, Metro Exodus targets 1080p, but the other benefits above will apply, including 60 FPS and full Ray Traced lighting throughout.