OK, wipe that drool off your chin. It looks like rumors about Sony slashing the price on its PlayStation 3 are being confirmed, by Kmart and Sears of all places.

The mega retailers are listing the new 120GB HDD PlayStation 3 Slim on Kmart.com and Sears.com for $299—that’s $100 lower than the current version of the popular game console.

Of course, we’ve seen the PS3 touted as one of the favored Blu-ray players, and we’ve also offered some good options for remote controls with the console.

Neither Kmart nor Sears has a product image, but both have the pre-order listed for August 24, at least for now. Engadget says Kmart is in the process of updating its site, so we’ll see.

At $299, this looks like a sweet way to get into both high-def gaming and Blu-ray — will you be in?

Arlen Schweiger - Editor of Electronic House Magazine

Arlen writes about home technology installations and product news and reviews for electronichouse.com and Electronic House magazine.