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Yes it will, here's how to do it.
If you are trying to migrate your BF4 Premium from PS3-PS4 you will need to log in with the same PSN account that you originally purchased Premium with on PS3, then install BF4, start BF4, then go to the BF4 in game store to the premium section and "re-purchase" BF4 premium for Zero dollars.
After the premium file downloads to your console quit BF4, restart BF4 so it initializes with the premium file present and then return to the Premium section of the BF4 in game store and download all expansions covered by premium.
After this quit BF4, go to downloads in the XMB and then manually install each expansion if the console doesn't do it automatically. After this start BF4 and you can play on the new expansions as a premium player. Do not forget that from the BF4 main menu go to Multiplayer, then server browser and click R3 in order to open the server browser filter and add the new maps and game modes or you won't find any games on the new expansion packs.
Im sorry, i did all these steps only for me to still be NOT my ps3 version level 137.. SO, since you know how to... how can this work or be fixed?? hmmm... sorry a bit frustrated and kinda irritated as well.. worked so hard only to have to redo everything.. come on...