A PS3 price drop is going to come eventually, it's just a matter of time, we keep telling ourselves. Wedbush Morgan Securities analyst Michael Pachter believes that the time is almost upon us and Sony will be bringing the price of its console down this April.

"Once the PS3 is at a more affordable price point (we expect a cut to $299 in April), we think that sales of that device will once again begin to grow," he predicts.

That's $100 knocked off the price of an 80GB PS3, he claims.

Patcher believes this will be the only way that Sony will improve sales of its hardware. Furthermore, he goes on to predict that Microsoft will react to the price drop by dropping the price of the Xbox 360 Pro Model from $300 to $249.

Sony has been reluctant not to drop the price of the PS3 due to substantial losses gained each time it sells a console. With the news that PS3 manufacturing costs have recently been cut, Sony has the chance to claw back some of the losses in 2009 if indeed it does cut the price of its console.

It's just a rumour for now, but a price cut is looking very likely.