If you are thinking of buying an Xbox 360 console you may want to wait a couple weeks, as reports are circulating that Microsoft will be announcing a price cut in time for this year’s E3 show in mid-July. The reports are based on an alleged leaked scan of an upcoming K-mart ad that shows a $50 reduction on the standard 20GB Xbox 360 console, bringing it to a $299 price point.

Such a move would make the basic Xbox 360 $100 cheaper than Playstation 3’s cheapest model, and just $50 more than the Nintendo Wii. But there’s apparently more to this story than just a price cut. According to Ars Technica’s “usually trustworthy source,” not only will the 20GB 360 be getting a price cut, but a new 60GB SKU will be hitting store shelves to replace it once its supplies are over. Whether this new SKU will be introduced at the new $299 price point – if at all – remains to be seen, though the older $349 price tag seems more likely.