As we were telling you the other day, the Xbox 360 Elite Game of the Year bundle will be released starting May 5th, 2009. As our sources told us, this would not be a limited edition bundle, but we hear a whisper in our ear now that indicates that Microsoft does plan to make bundles available (perhaps a bit limited in the time that they are actually available) and rotate the titles that are available in these bundles to coincide with things going on in the Xbox universe.

From what our sources are telling us, a second Xbox 360 Elite bundle is already being planned to replace the Game of the Year bundle to coincide with the release of the next add-on for Rockstar’s Grand Theft Auto IV. The new Xbox 360 Elite bundle is said to be the called the “Grand Theft Auto” bundle and will include everything that the previous bundle included, except Halo 3 and Fable II will be replaced by GTA IV and code for the downloadable add-on, The Lost & Damned.

We expect this trend of revamping the Elite bundle to continue if it turns out to be popular with consumers. By adjusting the bundle to what is currently happening in the Xbox universe, Microsoft might have hit on an interesting marketing hook that could prove to be an excellent vehicle to increase sales.

As for details on the next Limited Edition version of the Elite, Microsoft continues to be mum. We do expect to see something arrive before the end of the year. As for what color or what game it might have a tie-in with, that is anyone’s guess, but there are some good candidates in the pipeline for the company to consider before the end of the year.