It has been a move expected by the gaming fraternity, and now an advert dug out by Kotaku in the States shows what appears to be an Xbox 360 Elite price cut from $399 to $299 set to hit on 30 August.
This would bring the price of Microsoft’s console in line with Sony’s forthcoming PS3 Slim, and considering they now both offer a 120GB hard drive and HDMI ports, it seems like a smart move from Microsoft.

However before you start getting excited, it’s probably unlikely we’ll see such such a price cut here, as the Xbox 360 sells for around £230, £20 less than the Sony PS3 Slim is set to hit the shelves for.

As well as all this price cutting business, analysts are also expecting a slimmed down re-design from the Microsoft camp – although this may not be until 2010.

Will it be a tie in with the highly-anticipated Project Natal? Let us know your thoughts on a skinny Xbox 360 below.