Various industry insiders suggest Microsoft is prepping a Xbox 360 Pro price cut to $299 just in time for the E3 convention scheduled for later this month.

A $50 price cut would put the 20 GB Xbox 360 Pro at $299, only $20 more than the Xbox 360 Core Arcade bundle, which is priced at $279. Microsoft's Xbox 360 Elite console—with a 120 GB drive—currently carries a retail price of $449.

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