According to a report from VG24/7 on Saturday, Wedbush Securities analyst Michael Pachter has stated that the price cut for the PlayStation 3 should go into effect on "Feb. 21st."
He did say he expects the PlayStation 3 to be cut down to an affordable price of around $199, which will be the second drop in a matter of a year.
Previous reports have stated this happen, like when Colin Sebastian of Robert W. Baird said Sony needs to drop the price on the PS3 before they announce the Playstation 4 early next year.
"Sony needs to drop the price of the PS3, which would be well timed Q4 before the expected announcement of the PS4 sometime in early 2013," Sebastian said.
IDC Research Manager Lewis Ward, however, thinks Sony does not need to rush dropping the price on the system because they dropped the price on it last year.
"Sony dropped their console prices $50 in 3Q11 so I don't expect another price cut this holiday season.
"What we'll really have this holiday season in North America on the low end of the console scale is the $130 Wii bundle going up against the $99 4GB X360 version, and then the PS3 starting at $250 for the 160GB version.
"The PS3 'super slim' is really a European phenomenon. It's a way to get the price down in Europe this holiday - by slashing the onboard memory to bare bones.
"From my perspective, the SKU is basically an outlier that was specifically tailored to drive up the PS3 installed base in Europe, where the PS3 has emerged as the number 1 selling console in 2012," Ward said.