An alleged circular from K-Mart shows the Xbox 360 will experience a “new low price” of $299 in early July.

Analysts have repeatedly called for an Xbox 360 price cut to spur sales in an attempt to catch the on-fire Wii and fight off Sony’s PS3, and a leaked July K-Mart advertisement allegedly confirms it could happen very soon.

The July 6 circular shows the lower end Xbox 360 20 GB console with a $299.00 price tag, which is just $50 more than the $250 market leader, the Wii.

There was no word on the other Xbox 360 models.