Per gaming blog TheBitBag (and an unnamed Microsoft tipster), a surprise price drop of $49 might be waiting in the wings for the Xbox 360 Premium bundle.

The cause? Grand Theft Auto IV. The tipster says:

Now if you are still a PS2 or Xbox owner sitting on the fence waiting for this game to be released, then it would be a good time to invest in a next gen system.

Of course, remember that this is a rumor, and I generally don’t believe anything from an unsubstantiated source until it happens. Still, for the few of you who don’t have a 360, this could be Good News™.

Link: Rumors: Microsoft Dropping 360 Premium To $299 For GTAIV Launch?!?