Recently, there has been increasingly growing speculation that a new streamlined and cheaper PlayStation 3 will soon be available.

Sony, who are due to make an announcement at this years Gamescom conference in Cologne tomorrow, have so far dismissed talks of a reduction in price as just rumours and speculation.

However, one wonders if the fact that retailers have been struggling to replenish their stocks of the current PlayStation 3 console is an indication that a slimline version is on its way.

Rumours are also surrounding the Xbox too, US technology sites recently revealed a shake up of the company’s pricing structure and Microsoft may lower the price of the Xbox 360 – it is thought the Elite console with 120GB hard drive will be reduced by £60 to £170.

Whether these are only rumours or true will be revealed very soon!

What are your thoughts on the current costs for the Nintendo Wii, PlayStation 3 and Xbox 360?