AMD has reportedly announced a pretty significant price cut for the Radeon R9 Nano, bringing the small form factor graphics card down from its launch price of $649 to just $499.

This 23 percent price cut makes the R9 Nano a much more compelling option against the current GPU competition. In our review of the graphics card, we found the R9 Nano was around six percent faster than Nvidia's GeForce GTX 980 at 1600p, and around 12 percent faster at 4K, but at $649 it was simply too hard to recommend for those wanting to get the best performance for their money.

At its new price, the R9 Nano will compete directly with the GTX 980, which currently retails for around $500, from a price perspective. Considering the Nano is more powerful and comes in a much smaller package, AMD's offering is a clear winner pretty much across the board.

The price change also brings the Nano into the correct price bracket in AMD's line-up, below both the R9 Fury (slighty faster than the Nano at $530) and the R9 Fury X (faster than the Nano at $650). The Radeon R9 390X still presents decent value at $400 – the R9 Nano is around ten percent faster yet costs 25 percent more – though its not surprising to see high-performance cards coming at a premium.

It should be noted that these price changes haven't come into effect just yet, and are merely suggested retail prices, so some retailers and board partners may not choose to sell their Nanos at this price. However if you're after a $500 card, check back over the coming weeks and you may be able to snag a Nano for its new and attractive price.