Although Nintendo has yet to make a formal announcement, several retailers have already begun slashing prices on the Wii console.

Amazon, Best Buy,Gamestop and Target are all offering the Wii console for $169.99, down $30 from its previous price.

The cuts follow a report from Engadget earlier this month that claims Nintendo would lower the price of the Wii to $150 starting in May.

And the news is fresh off the heels of reports that Nintendo plans on introducing a successor to the Wii this summer. The device would reportedly launch in 2012 and feature HD graphics.

USA Today