Unless you’ve been hiding under some tech reflecting rock recently, you’ll probably know that PS3 Slim rumours have been knocking around for some time, and today it’s thought we’ll finally get the announcement we’ve all been expecting.

Sony is set to hold its press conference at 5pm GMT at Gamescom in Cologne, where it’s thought the new PS3 Slim will be uncovered.

We’ve already seen leaked ads, heard word from loose-lipped retailers and seen blurry box art, but last minute rumours have it all but tied up that we’re in for a skinnier console announcement later this evening.First off, Joystiq has found that the PlayStation Store will be conveniently down from 5-7pm GMT – the exact time the press conference begins, and a move seemingly borrowed from Apple’s taking down of its online store before every big announcement.

There’s also been an ad spotted by Kotaku on American site Kmart.comstating quite simply: “The rumors are reality. New low price and a new exciting PlayStation 3″. It doesn’t get much clearer than that really.

If you needed anymore evidence, back on home turf Asda has reduced the price of the current 80GB PS3 to £250 with a bundle of games included. A spokesperson told GamesIndustry.biz that the offer would continue until stock ran out, as Sony was set to discontinue the model.

All very interesting stuff indeed, and leaves us with little doubt we’re in for big news from Sony tonight. We’ll be keeping you posted on all the announcements from Gamescom as it happens.

Update:-

While we’re waiting for Sony to announce a cheaper, slimmer PS3 during a press conference later today, K-Mart has this announcement on their front page…now. It looks like we get a new model and price drops on old PS3s. K-Mart now has a pre-order page up as well for a $299 Slim (the same pricing we’ve seen leaked before…by K-Mart. Either they’re the biggest screw-ups in retailer history, or Sony doesn’t mind (and has even encouraged) the leaks.