Microsoft is to drop the price of the Elite to £199 from Friday.
The price drop confirms the end of the Pro or Premium machine which retailed for £169.99. Retailers will now cease to sell this model brand new.
The announcement also confirms that the price of the Arcade Edition will rise to £159.99, however this won’t take place immediately.
Retailers Game and Gamestation will offer a tasty bundle with two free games including Call of Duty 4, Fight Night Round 4, Tiger Woods 10 or GTA IV, all for just £199.99.
Elite consoles will now cost the same as the Nintendo Wii, and £50 cheaper than the new Slimline PS3, due in stores from September 1st.
Images leaked to websites previously showed the new Elites without HD cables, however those shipped to retailers ready for Friday include all the usual cables with an Elite console.
Tell us below what you think of the price cut?
Update – 28th August 2009:
Game will be running a promotion for £239.99 with all four of the games listed above.