It hasn't been long since Microsoft dropped the price of its Xbox 360 console in anticipation of a hectic holiday season, and now rumors are circulating that Nintendo may be ready to lower the price tag on its super-popular Wii.

It's only been a few weeks since Microsoft slashed the price of its high-end Xbox 360, the Elite, from $399 to just $299. That's a big drop for a console that has more or less wrapped up second place in the U.S. console sales chart, with most purchases being made by hardcore players impressed with the Xbox 360's second-to-none online Xbox Live network, its long list of third-party developers, and a big 'ol 120 GB hard drive.

Nintendo Dictating Market

Still, this remains Nintendo's market. Since its release three years ago, the Wii has sold like hot cakes, winning over millions of casual gamers who appreciate the relaxed nature of its motion sensor-based gameplay.

However, some gamers have been disappointed with the Wii's price point; despite the fact that the console has almost no media functionality and mostly backwards visuals, the console retails for $249, right now: just $50 less than the feature-laden Xbox 360.

Rumors R Us

However, it seems that's all about to change. Much like the case with the Xbox 360's price drop, rumors have started to swirl about a Wii price slash after an advertisement leaked to the press. This time the culprit is big box playroom retailer Toys R Us -- game site Kotaku recently posted a picture of the store's ad for a $199.99 Nintendo Wii next to the excitable words "Wii Price Cut!" (Source: cnet.com)

According to reports, the ad is meant to head into circulation by the end of September, meaning we could have a brand new price for Nintendo's console by the first of October. (Source: gamepro.com)

What will the impact be? Some analysts expect a quick reaffirmation of Nintendo's domination of the console market. Granted, the console's accessibility makes it a goliath in the industry, and despite highly-anticipated releases like a new edition of Halo 3 (Halo 3:ODST) Microsoft's Xbox 360 might just remain gaming's David.