The much-rumoured reduce-priced 40GB PS3 will hit stores in Italy on October 10 for €399 - roughly £277.
That's word from Italian trade magazine, Gamestore, who reveals that the cut-price console will also be available in a two-game package for €499 (£346).
So the big question is where's the UK cut? Sony UK says "no comment", although we remain hopeful that a similar cut is in the pipeline.
Sources have previously told CVG that the new model will launch here at £299.
It is also rumoured that as well as a smaller hard drive, the new console will come without backwards compatibility and fewer USB ports, although that's yet to be confirmed.