According to an ad circular from retailer K-Mart for the week beginning July 6, the Xbox 360 Premium will carry a price point of $299.99, a $50 reduction compared to the current MSRP of $349.99.

Sounds like a smart move, especially since this would go into effect the week before E3. It’s unknown at this point if the Core and Elite models will receive a similar price cut as well, but I don’t see why not. If Microsoft cuts off only $20 from the Core model, it’ll effectively match the price point of the Wii.

Obviously, Microsoft has yet to officially announce any price cuts, so we’re filing this under rumor for now, but expect official word soon.

Xbox 360 price cut is coming around July 6th, price will be $299.99 [High Def Digest]

Read more: Pachter: U.S. Xbox 360 Price Cut By Xmas, Report: Microsoft Cutting Xbox 360 Price By $50 In “Coming Weeks”, E3 2007: Microsoft Aims To Hit “Mass Market Price”, Rumor: Xbox 360 To Receive Real Price Cut In September, Xbox 360 Price Cut Now Official, Cheaper Than Wii On September 5