It would seem that GameStop is trying to get ahead of the curve of moving out the remain Xbox 360 Elite units with the 120GB hard drives to make way for a newly revamped Xbox 360 Elite offering. To that end, our sources tell us that they are offering a $50 gift card with the purchase of an Xbox 360 Elite (which amounts to a $50 price cut); however, you can’t use the $50 gift card toward the purchase of the console, as it only applies to your next purchase.

It seems that GameStop isn’t alone in the move to clear out remaining Xbox 360 Elite units from inventory. Other retailers are showing the unit as not available in their online stores, which we take to mean that inventory is limited only to what is left on their shelves. According to the retailers that we checked with, most have multiple Xbox 360 Elite Holiday Bundle consoles left in stock at the moment, so finding one locally is unlikely to be a problem if you want to buy one at least for the time being.

With all of the action heating up to move out the remaining 120GB hard drive-equipped units, it would appear that when the Elite is reintroduced, it will be with a 250GB hard drive. Still, the sources we have spoken with claim that they have yet to receive official word that this is the case from their corporate offices, and that stands to reason as Microsoft does not want to hurt the sales of 120GB units with buyers thinking that a unit with a larger hard drive is just around the corner.

According to the sources that we have spoken with, at the current sell rate at which they have been moving Xbox 360 Elite consoles, it could still take a couple more weeks to move through what inventory they have left; and that is assuming that retailers are not sitting on additional inventory in their distribution warehouses. We suspect that we should hear more specifics in the next couple of weeks as remaining inventory is sold through.