We’ve heard murmurs of a PS3 price cut in the fall, but nothing concrete. Until now, that is. A source — or mole — close to technology site Arstechnica is reporting that Sony aims to weed out supply of 80GB-equipped PS3 units during the coming months, meaning it may not be long before retail shelves only have 160GB units in supply.

As Ars’ oft-reliable source surmises, this scenario puts Sony in an opportune position to cut the PS3 price and as previously rumored, debut a revised slim version of the current hardware.

However, Sony may not be the only party looking to give consumers more bang for their buck. If these predictions are to be believed, Microsoft is halting production on its standard Pro Xbox 360 model and supply is expected to dwindle by late or early August. In response, Microsoft is poised to slash the price of the Elite down to $299 in September, meaning it will effectively take the place of the Pro tier.

Another bundle, one that will stand in and replace the Elite configuration, is said to hit retailers in October. No specifics were provided on that, however. At any rate, if you’re in the market for a high-def console, it might be a wise decision to put a hold on that purchase until fall.

Mole exclusive: PS3, 360 price drops coming this fall [Arstechnica]

Read more: Xbox 360 Elite Drops To $299 August 30, Xbox 360 Price Cut Now Official, Cheaper Than Wii On September 5, Rumor: Xbox 360 To Receive Real Price Cut In September, Report: Microsoft Cutting Xbox 360 Price By $50 In “Coming Weeks”, Microsoft Spicing Up Xbox Elite Bundle, Throwing In Fable 2, Halo 3 At Same Price Point