Sony to cut PS3 price by $100 in August?

Word on the street has it that Sony is planning to cut the price of the PlayStation 3 in time for the release of the new Madden game. The $100 price cut would come somewhere in the beginning of August, since Madden 2009 is due out on August 12.

PS3s are on the higher end of the retail spectrum costing a whopping $399.99 for an 80GB console. An Xbox 360 with a 60GB hard drive is available for $300, and Nintendo's Wii is selling for $250. For Sony to get down in the same ballpark as Microsoft and Nintendo, it may just have to lower its price.

With the PS3 offering itself as a Blu-ray player and media center, in addition to a gaming console, the price cut might be just the thing to push parents into buying their kids a little present before sending them off to the dorms in August.

[Via IndustryGamers.com and TGDaily.com]