The long-speculated price cut could be very nearly with us, reports emerging from MCV suggesting that stocks of the console are now being limited ahead of the reduction.

Microsoft are still refusing to comment on the rumoured reduction, but sources purport to divulge word that retails orders of are being cut right back, with many expecting word any day now.

Advertisements have already been spied stateside apparently revealing the reduction in North America, but it is unclear what fate awaits still.

Xbox 360 SKUs have actually gone up at some UK retailers, but it seems likely that both the Pro and Elite models will shortly receive large price cuts. We'll bring you more as we get it.

By Luke Guttridge