Next gen is reporting that a Wedbush Morgan Securities analyst recently sent a note to investors indicating that the Vole will cut XboX prices at E3.

If he's right, Core and Premium consoles should get a $50 price cut, and will drop to $249 and $349 respectively. Elite buyers can look forward to an $80 price cut, as version should drop to $399 from the current $479.

He also added that Microsoft sold 11.6 million consoles by June 30, which is just a bit short of their 12 million estimate.

Microsoft's press conference is scheduled for Tuesday evening, let's hope we will have some good news by tomorrow.

The new prices would put the XboX 360 almost on par with Nintendo Wii, so it might be very interesting for consumers.More here.