Xbox 360 Elite price cut to $299 – Is it real?

We have heard various reports that a long awaited price drop is coming to the Xbox 360 Elite console. An image released shows a 120GB Elite Console on sale in a Meijer catalogue for $299, around $100 off the current price.

That’s according to this story from ArsTechnica, who have gained their source from well respected gaming site Kotaku. It has been rumored for a couple of months that price cuts were coming, to both the Pro and Elite models, now this image seems to confirm it.

It seems to be perfect timing for the reduced 360 Elite console to show up, especially since Sony are expected to announce a lower-priced PS3 Slim console at GamesCom.

Take a look at the image for yourself over at Ars, then let us know if you think price cut is real.