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Though Microsoft is not willing to confirm the validity of the rumor, Kotaku has spied some intriguing publicity that seems to point to a major price cut for the Xbox 360 elite. According to the image lifted from the catalogue, the Xbox 360 Elite (the 120 GB version of the gaming console) will soon retail for just $299.99. This also seems to add further fuel to the rumor that the Xbox 360 Pro (the 60 GB version) will be phased out by the end of August. Kotaku notes that the Pro phase out and Elite price cut will likely go into effect by August 30 th .
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