We've been around the block a few times on this rumor, but The Hollywood Reporter is citing an unnamed source that seems to think the Xbox 360 is going to get a $50 price drop in August, so we might as well give it another go. The Hollywood Reporter is saying the pending price drop is because of the traditional sales doldrums that time of the year, and our friends at Joystiq point out the convenient proximity to a certain "Halo 3" being launched in September, but we're sure it's because Microsoft is just sick and tired of making so much dang profit on these here Xboxen. Either way, August isn't far off, so we'll be solving this little mystery right quick.

[Via Joystiq]

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Xbox 360 getting $50 price break in August?