Expect a slew of major gaming news announcements next week, as E3 kicks off in La La Land, with the pre-show rumour mill currently in overdrive.
The 360's Pro model is expected to fall to $299 (£150) in the US next week – stay tuned to hear the news as it breaks from Microsoft's E3 presser at 10.30am west coast time (6.30pm GMT) on Monday.
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This will mean that the 360 Pro will be a full $100 cheaper than the PS3.
However, Sony's Chief Financial Officer Nobuyuki Oneda has immediately countered online chatter suggesting that Sony might counter with a PS3 price cut, stating clearly:
"Our strategy is not to sell more quantity for PS3 but to concentrate on profitability. Our plan is not to reduce the price".