A lot of industry analysts and journalism outlets have been predicting a price cut for the Xbox 360 for some time now. Most were expecting the news to drop at the Microsoft press conference at E3, but now it looks like we won’t have to wait that long after all.

According to a scanned image from what is being attributed to a K-Mart weekly circular, the standard Xbox 360 unit (the one with the 20GB hard drive), will drop from its current price of $349 to $299 the week of July 6th.

The ad doesn’t say if there will be any price reduction for the Arcade or Elite models, but most anticipate that if one console will be cut, they all will. Microsoft has been quiet about the issue thus far, so take this as rumor for now, but be expecting confirmation one way or the other to come very, very soon.

- Via Kotaku

Editor’s Note: The source link to High Def Digest’s scan of the ad has apparently gone down; Kotaku’s post has the image embedded, and this NeoGAF thread also is hosting them.