PS4 overheating and fan goes to max

Bought the PS4 early 2014 I think, the fan is now super loud and goes to maximum 2 minutes after playing any game. PS4 displays messages saying “PS4 is too hot. Turn off the PS4 and wait until the temperatures has cooled down”

I have tried to change the thermal paste and used some old random paste that I used for my PS3 a while ago. Problem was not solved PS4 fan still running at max. I’ve ordered some new arctic silver thermal paste in case but I’m doubtful that it will do anything. However the PSU is incredibly hot and there is a feint high pitched beeping noise that I can hear up to 15 seconds after the console is unplugged. I think the PSU may be the cause of the overheating but I’m unsure. Any thoughts on what I should do or how to fix the issue?