Microsoft has slashed the price of 500 GB and 1 TB variants of Xbox One. The new promotional offer is valid for various retailers in the U.S. until June 13. Speculations are rife that Microsoft will be unleashing new Xbox One with slimmer design on the same date.

According to Arts Technica, the Xbox One with 500 GB storage is now available with a $50 discount. Its new price tag is $299. The price of the 1 TB Xbox One has been also reduced by $50. It is now selling for $319. The Xbox One that comes with Kinect camera along with three free games can be now purchased for $349. The Xbox One with 1 TB storage and an Elite controller can be now availed for $449.

The aforementioned price cut on various edition of Xbox One is valid until June 13. The offer can be availed can be availed at Microsoft Store, Amazon, Best Buy and other U.S. retailers.

Xbox One Microsoft's Xbox One game console is displayed during an unveiling event in Redmond, Washington. Photo: Reuters/Ina Fassbender

According to Kotaku, Microsoft will be unleashing a new Xbox One gaming console with slimmer chassis at the E3 (Electronic Entertainment Expo) that will be held on June 13 at 4:30 p.m. U.K. time. The upcoming Xbox One is expected to launch with a cheaper price tag.

The publication has claimed that it will be a compact edition of the original Xbox One. Speculations suggest that it will feature 2 TB hard drive. The Redmond giant is rumored to converge Windows 10 and Xbox in the upcoming gaming console. It is expected to announce new games such as new “Halo” series and ‘Fable Legends” that will be playing on both platforms.

Microsoft is also rumored to be working on new and powerful edition of Xbox that will be released next year. The 2017 Xbox is speculated to be codenamed as Scorpio. It is pegged to arrive with a powerful GPU and the device may carry support for Oculus Rift. It is also rumored to support 4K resolution. However, none of the above mentioned specs of 2017 have been finalized by Microsoft.