Source blows all 360 price drop details, Elite at £199 on Friday

A trusted UK retailer has confirmed to VG247 that there is indeed a price cut coming to Xbox 360 and that the Pro is on the way out, starting this coming Friday, August 28.

The Elite-price will drop from £239.99 to £199.99 - the same as a Wii - with the Pro 60Gb being discontinued.

Our source says the Arcade will remain the "entry level hardware", but the current console bundle with Sega Superstars Tennis will finish. The new Arcade SKU will launch at the suggested price of £159.99 without any software.

GameStation will be launching an Elite bundle at £199.99 with COD 4 Modern Warfare and Fight Night Round 4.

As for trade-ins, you can get an Elite for £99.99 if you put in a Wii or a 60Gb 360. Should you decide to trade-in a 160gb PS3, you'll get the Elite for £19.99.

An announcement is expected to be made by Microsoft tomorrow, according to earlier reports.