Xbox 360 Elite Price Cut  (Source: Kotaku)
Rumor has price cut coming on August 30

The game console market is not doing as well as it once was and the more expensive consoles are especially feeling the pinch of the poor economy. The Nintendo Wii at $249 still reigns supreme when it comes to sales and the PS3 remains the most expensive of the game consoles.

There have been rumors swirling this week that the Xbox 360 Pro would go the way of the dinosaur and the Xbox 360 Elite would be reduced in price to replace it. The rumor has the Elite being cut to the $299.99 effectively pushing the Xbox 360 Pro out of the lineup.

This will mean that only two Xbox 360s will be offered from Microsoft: the Arcade and the Elite. A picture of a catalog from Meijer due to hit on August 30 has been leaked that shows the $299.99 price tag for the Elite. No official statement on the retirement of the 360 Pro or a price cut for the Elite has been offered from Microsoft at this time.

Microsoft may be cutting the price of its console, but Sony has not. There have been persistent rumblings that Sony will drop the price of its PS3, but so far, that has not happened.

Rumors cropped up earlier this month that the rumored PS3 Slim would be debuting on August 18 and that a price cut may come along with the new console.

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