It seems rumors of another possible price drop have resurfaced in the form of a report from The Hollywood Reporter. According to THR, Microsoft will be cutting the price of its most popular 360 model, the 20GB Pro, from US$ 349 to US$ 299 in the coming weeks.

A major industry retailer, who prefers to remain anonymous, has also confirmed the price cut, saying that the cut will be available before E3, which will run from July 15-17 in Los Angeles.

We last saw a price cut for the Xbox 360 in August, where the cut heralded the release of Halo 3. While there don't seem to be any big titles coming for the Xbox 360 in the next couple of weeks, a price cut should put some pressure on Microsoft's competitors, perhaps even becoming the big push to a major announcement at E3. We can only hope such is the case. Keep checking QJ for more updates regarding this intriguing rumor.