Microsoft last month launched a program in which it offered students a pretty great deal on a new Xbox One when purchased with a Surface Pro 4. The promotion allowed Microsoft to clear out inventory of its traditional Xbox One console ahead of the launch of the slimmer Xbox One S.

Looking to further move inventory, the Redmond-based company over the weekend slashed the price of the Xbox One to a new all-time low of just $249.

Will Tuttle, Xbox Wire Editor in Chief, announced the price cut on Sunday, explaining that it's valid for any 500GB Xbox One console including the Gears of War: Ultimate Edition bundle and the slick Quantum Break bundle featuring a white console. It's also valid for the Name your Game bundle which lets buyers select one of four games: Rise of the Tomb Raider, Gears of War: Ultimate Edition, Rare Replay or Forza Motorsport 6.

Tuttle adds that the deal is only good while supplies last meaning if you want one at this price, you'd better act fast.

Microsoft revealed its new slim console, the aptly-named Xbox One S, at E3 last month. The machine is 40 percent smaller than the original and includes an internal power supply, eliminating the massive brick the standard console uses. What's more, it can be stood up vertically, can be configured with up to a 2TB hard drive and supports 4K Ultra HD video and HDR.

Look for the Xbox One S to arrive on August 2.