Last week, we mentioned that the Xbox 360 may be receiving a price cut in July, as evidenced by a scanned image of a K-Mart retail ad.

Now, citing a “major retailer” as the source, Hollywood Reporter reports that Microsoft is set to cut the price of its Xbox 360 Pro model by $50 in the coming weeks, a move that would place the console at $299, $100 less than Sony’s 40GB PS3. Still no word on whether the low-end (Core) and high-end (Elite) models will also be included in the cut.

Microsoft slashing price of Xbox 360 model [THR]

Follow this author on Twitter.

Read more: Rumor: Xbox 360 To Receive Price Cut In July,  Rumor: Xbox 360 To Recieve Price Cut This Month In Euroland,  Pachter: U.S. Xbox 360 Price Cut By Xmas,  Rumor: Microsoft To Introduce 60GB Xbox 360, Phase Out 20GB,  Rumor: Xbox 360 To Receive Real Price Cut In September