Rumor: Xbox 360 Elite Price Cut By Month's End

Indications are rising that Microsoft intends to phase out the Xbox 360's $299 Pro model and lower the price of the now-$399 Elite unit, which packs a much larger hard drive.

Rumors picked up steam last week when Kotaku received photographs from GameStop employees of new Xbox 360 Arcade boxes listing the 120GB-packing Elite model and drive-less Arcade as the only available flavors of Xbox, with no Pro in sight.

Now Kotaku has a purported snapshot of a Meijer catalog due out August 30, showing the Elite with a "New Lower Price" of $299.99--the 60GB Pro's current price.

Rumblings of price cuts emerged from the ever-reliable Ars Technica mole earlier this year, with the source also claiming that Sony would drop the PlayStation 3 price and introduce the heavily rumored PS3 Slim model. While the site had no timeframe for said events, rumors indicate they may happen during GamesCom next week.