Sony just a few days ago launched Playstation 3 slim sporting a lower price tag and it seems that Microsoft is all set to compete with the newer PS3 ‘Slim’ by reducing the prices of both Xbox 360 Elite and Xbox 360 Pro. The Xbox 360 Elite is all set to become cheaper by 100$ while the Xbox 360 Pro will be priced at 249.99$ from now on. Microsoft also announced that the Xbox360 Pro console, which has been discontinued, will be available at the discounted price only till the stocks last.

Shane Kim, corporate vice president of strategy and business development for the Interactive Entertainment Business at Microsoft Corp said -

If you’re looking for deep experiences that don’t require deep pockets, now is the time to purchase an Xbox 360. We’ve got the best games, a vast library of TV shows and movies, new music experiences, more ways to connect friends and family, and so much more on the horizon including ‘Project Natal’ — no controller required.

The Xbox360 Elite and PS3 Slim are now priced exactly the same but the PS3 Slim has a very important advantage over Xbox 360 Elite that it offers an in built Blu-Ray device as well.