Sources have confirmed that Microsoft has decided to slash down the price of the Xbox 360 video game console in the coming weeks.

While Microsoft won’t confirm the price cut, gaming sites are buzzing with rumor.

Earlier, there were rumors that the European markets will experience the price drop.

But, the rumor did not take the form of a reality. Let’s see the latest news sourced from hollywoodreporter.com, will make it a truth or not.

Sources near to The Hollywood Reporter confirmed the news of price slash with major retailers in the Unites States that Microsoft will cut the price in the coming weeks, before the E3 expo starts.

E3 is a gaming trade show, which will run from July 15 to 17 in Los Angeles.

Leaked advertisings for Kmart and Radio Shack have also confirmed the future price cut.

The sources said that Xbox 360 Pro’s price will be cut down by $50. The existing price of the console is $349, which is likely to go up to $299.

Last year, Microsoft has slashed the price of the Xbox 360 from $399 to $349.

Microsoft has lots of great games coming out this holiday season, which includes the instant blockbuster Gears of War 2.

This price cut is an early marketing strategy move by Microsoft to place them in a good position for what is sure to be the most competitive gaming season.