MCV is reporting that Sony plans on slashing the RRP of PlayStation 3 to £199.99 in the near future, with an announcement expected to drop at GamesCom in August.
Furthermore, the site notes that retailers may be prepared to further reduce the price of the console to as low as £179.99.
"£199.99 makes sense as it keeps Sony's options open for another drop, but they could be more aggressive,” commented analyst Nick Parker. "Microsoft wants to be No.1 but I expect it is adopting a 'wait and see' approach with possible new value-added deals on Kinect."
Sony has refused to comment on the matter.