Our sources have reached out to us today to let us know that Sony will show off the new redesigned PSP at E3, but the much rumored revision of the PlayStation 3 will not be making an appearance.

From what we have been told, Sony continues to work on a redesigned version that features additional die shrinks as well as other cost reductions, but it simply just will not be ready to show off at E3. From the whispers we hear today, it is more likely that we will see it before the holiday season; but when it does arrive we are told not to expect a big price drop, but more likely a smaller $50 drop at first, followed by a $100 drop next year.

While we think it is possible that Sony might have something else to show off in the hardware department, it will not be a redesigned PS3 this time around. Maybe a new motion controller, perhaps?