It looks like we are set to see yet further price cuts for Sony's PlayStation 3 and Microsoft's Xbox 360 games consoles soon.

MCV breaks the news, reporting that a "senior global publishing source" has confirmed to them that the Xbox 360 and PS3 will see price cuts this year.

Pricing announcements at E3?

The report suggests the pricing announcements could be made as early as E3 next month.

It goes on to speculate that Nintendo could also slash the the price of Wii later this year.

Sony apparently "laughed off" the story, while Nintendo told them, "We currently have no plans to cut the price of Wii in the UK."

It is looking likely that Sony will finally bring the PlayStation 3 to a sub-£200 entry level price point.

Microsoft confirmed this week that Project Natal will be released in October.

Via MCV