Update: And just like that, the PS3 Slim and accompanying price drop are official.

With Sony's GamesCom press conference less than an hour away, it appears that Kmart has jumped the gun on the expected announcement of a PlayStation 3 price drop and the so-heavily-rumored-that-it-is-all-but-confirmed PS3 Slim model.

Kmart lists the PS3 Slim at $299, with the retailer further specifying that the new model will pack a 120GB hard drive and will be available next Monday, August 24. It all sounds quite likely, minus the sudden release date, but we're bound to hear more soon.

At present, the cheapest version of the PlayStation 3 hardware sells for $399 and comes packed with an 80GB hard disc drive. Expect more details very, very shortly.