New Xbox 360 price drop early next month?

The flow of rumors just refuses to stop and smacks us in the head and lays eggs in our brains. This latest snippet of rumor filled goodness relates to Microsoft who’s had more than their fair share of information leaks in the past few weeks. A person posting on NeoGAF forums posted pictures that they say is from a K-Mart ad set to run in the future. The very near future.

The images show that on July 6, the retailer will be selling a 20GB Xbox 360 for $299. For those not playing the math game, that’s $50 less than what the Xbox 360 Pro bundle currently retails for. If this ad proves to be legit, an official announcement from Microsoft is likely not far behind. And if that is so, we could possibly see price drops on the lower end Arcade 360 console as well. The real question is why didn’t they save this kind of bombshell for E3? Could this mean Microsoft has much bigger announcements in store for us then?