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It’s finally official, the price of the Xbox 360 60GB Pro has dropped in price from $299 to $249. The price of the Xbox 360 Elite will also drop in price. The rumours will be confirmed in ads placed in papers on Sunday. Microsoft are expected to make the press release on Friday.

Below is the full story from Fudzilla.

It seems that Microsoft has gone quiet on their plans to drop the Xbox 360 Elite to $299, but as we have been getting word from our sources today, we can confirm that at least some retailers in the U.S. will be moving to drop the price on the remaining in-stock Xbox 360 60GB Pro systems to $249.
According to our sources and the evidence that we continue to see, ads in the paper this Sunday will feature the price drop on the Elite model, with some stores also advertising the drop on the 60GB Pro consoles as well.

So far, Microsoft does not seem to be making a big deal about the price drop, but our sources tell us to expect a press release to arrive prior to the actual price drop that will become effective on Sunday. Our sources seem to be a bit conflicted over when this press release might be issued, but it seems that right now most of our sources believe that it will be issued sometime this coming Friday.

As we have told you previously, the new Elite $299 bundle drops the title bundle as well as the HDMI and component HD cables in favour of a composite cable as part of the package. Several sources have indicated to us, however, that they expect reducing the price on the remaining Elite “Game of the year” bundles that they have in stock to $299 as part of this move. The GOTY version of the Elite does feature the Halo 3/Fable II game bundle, as well as HDMI and component HD cables as part of the deal. If you can latch on to the GOTY version of the Elite for $299, this is the one to get if possible.

The Xbox 360 Pro with the 60GB hard drive at $249 with the component HD cable is still a good deal at $249, which offers the hard drive that the Arcade version of the console lacks for only $50 more; and you can’t add a new hard drive to the Xbox 360 Arcade for $50, so we do expect this deal to be popular and sell out quickly. The only problem is that a number of our sources are already telling us the Pro inventory is a bit limited and they have far more Arcade systems in stock than they do Pro systems. We recommend that if you want to jump on this deal, you might want to move quickly when it goes into effect on Sunday.