Hollywood Reporter has reported that they have received insider information that Microsoft is planning to cut the price of their Xbox 360 Pro model.

This rumored price cut of USD 50 would bring down the price of the console to $299. This would make it more lucrative compared to Nintendo Wii gaming console which is the market leader.

The report stated that the price cut could be announced just before the start of the E3 show.

Media sources have already shown snapshots of marketing brochures showcasing the model priced at USD 299.

Microsoft has for now declined to comment on this report.