The Hollywood Reporter reveals that Microsoft is planning on slashing the price of its Xbox 360 Pro version of gaming console by $50 in the coming few weeks. Which means the Xbox 360 Pro will bear a price tag of $299 after the price cut.

The $50 price cut, applicable to the 20GB Xbox 360 Pro version, will likely come before this year's E3 trade show, scheduled to take place in Los Angeles between the 15th and 17th of July.

If indeed this is true, it would only corroborate the rumors that have been flying around about Microsoft considering cutting the price of its Xbox 360 gaming console. The last time the Xbox 360 Pro suffered a price cut was in August last year when Microsoft slashed prices from $399 to $349 -- again a $50 reduction.

Further slashing the price of the console to $299 will make it cost $100 less than its rival, the PlayStation 3 (40GB HD version).

Microsoft meanwhile hasn't commented on the matter.