If you have been thinking about buying the video game console of Microsoft Corporation, there just cannot be a better time for doing so than this. Sources inform that the Microsoft Corporation is very likely to slash the price of its Xbox 360 Pro model, which has been selling like hot cakes, from $299 from $349. 

As per reports, the American multinational computer technology company is thinking about lessening the cost of the Xbox 360 model with the 20 gigabyte hard drive this weekend prior the initiation of the E3, the biggest trade show of the video game industry in Los angles next week. Infact many popular video game blogs and technology Web sites have reported a price slash. A number of them have also put up snapshots of flyers from various retailers publicizing the $299 price.

It was in August when the Microsoft Corporation slashed the price of the Xbox 360 Pro from $399 to $349. This happened before the launch of Halo 3 the coming month. Once the Xbox 360 Pro starts selling at $299, it will be priced a direct $100 below Sony’s PlayStation 3 with a 40 gigabyte hard drive. 

Microsoft may be trapped in a tight competition from Nintendo's Wii and the PlayStation 3, but there does not seem any likelihood of either cutting down prices. The supply of the $249 Wii from Nintendo is still short at many retailers. Sony, on the other hand, has said that it targets to make its video game more profitable this year and so the question of price cut simply does not arise.