Update: A full-page shot of the K-Mart flier (pictured left) apparently revealing a $50 price cut for the Xbox 360 Premium console has appeared on Joystiq, sent to the website by a second, unspecified source.

Contrary to information reported yesterday on High-Def Digest's forums, Joystiq's source claims that the flier will be distributed on Sunday, July 13, the week of the E3 Media and Business Summit.

Original Story: The Premium version of Microsoft's Xbox 360 console may see a price cut from its current $349.99 retail price to $299.99 next month, according to scans of an alleged flier from retailer K-Mart.

Arising on the High-Def Digest's forums, the listing appears in a K-Mart sales advertisement aimed for distribution on July 6, the week before the E3 Media and Business Summit.

The flier scans did not indicate whether the other currently available Xbox 360 models—the Arcade and Elite units, respectively priced at $279.99 and $449.99—would see similar drops.

Shacknews has contacted Microsoft for more information and will update with any further details.