We have been chasing rumors about an expected red version of the Xbox 360 Elite console for some time now, and we can finally tell you that it is, in fact, confirmed for North America. According to our sources it will be part of a special Resident Evil 5 bundle, but right now we are unable to confirm if it will be exclusive to a specific retailer or if it will be available from multiple sources.

What we can tell you is that we suspect that the “Red Resident Evil 5 Elite Bundle,” as it has been called over the past several days, is expected to feature the Jasper board and chip shrinks that have been previously been showing up primarily in the Xbox 360 Arcade bundle. The bad news is that we expect the retail price for the Red Resident Evil 5 Elite Bundle to stay at $399, and we have not received any word from our sources saying anything different.

In addition to Resident Evil 5, we are also hearing whispers that the Red Resident Evil 5 Elite Bundle will feature a download code for a free copy of Super Street Fighter II Turbo HD from Xbox Live Arcade. Our sources are telling us that we will see the same 120GB hard drive, as well as the red special edition wireless controllers that have been released previously. We also suspect that you will get the wired headset that plugs into the controllers; but no word on whether that one will also be colored red to match the rest of the system.

As for a release date, look for it to appear on the shelves on or about March 13th, with an official announcement to come just before release day. So, if the Elite turns out to have a Jasper in it, and you are looking to upgrade and also plan to buy Resident Evil 5, the Xbox 360 Red Resident Evil 5 Elite Bundle could be just the ticket.