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A trusted UK retailer has confirmed to VG247 that there is indeed a price cut coming to Xbox 360 and that the Pro is on the way out, starting this coming Friday, August 28.

According to our source, the Elite-price will drop from £239.99 to £199.99 - the same as a Wii - while the Pro 60Gb will be discontinued as has been heavily rumoured.

The Arcade will “continue to be the entry level” hardware, we were told, but the current console bundle with Sega Superstars Tennis will finish. A new Arcade will launch at a suggested price of £159.99 without any software.

GameStation will be launching an Elite bundle at £199.99 with COD 4 Modern Warfare and Fight Night Round 4, and as far as trade-ins, you’ll be able to get an Elite for £99.99 if you put in a Wii or a 60Gb 360. Should you decide to trade-in a 160Gb PS3 you can get an Elite for £19.99.

That’s God damn awesome.

The drop is expected to be formally announced tomorrow.

Scource VG247