Kotaku brings more word behind the rumored price cuts we've been waiting for. It seems we could be seeing a price drop for the Xbox 360 20 GB model next week.

A tip they received came with some cellphone pictures from a Best Buy computer showing an upcoming ad. As you can see on the right, the ad shows the price of the 20GB model as US$ 299, US$50 off from its current price of US$ 349.

The tipster also mentioned that this ad is supposed to run the week of July 13, so we should know more then. In the meantime, we'll try to get more updates on the rumored price cut as they appear.