Microsoft is gearing up for a price slash across the whole range of their xbox 360 consoles making them the cheapest option of any next generation consoles.

The entry level console (Arcade) is being lowered from £190 to £149.99 – this has already appeared on amazon.co.uk. Also listed is the Xbox 360 Premium console and the Xbox 360 Elite at the new price points of £190 and £250, these are also drops of around £40 each.

However, Amazon’s prices have reverted to the price as of yesterday suggesting they may have lowered the price prematurely before an official announcement by Microsoft. Watch this space – it’s exciting news in gadget land as it could mean price drops for the PS3 and wii, but only time will tell.