Good news for those wanting to get their own Xbox One but couldn't afford to before because Microsoft just cut the price of the console.

The Xbox One 500GB model, now retails at only $249, this from a price of $500 when it launched three years ago.

According to a report by Forbes, this may be a sign that Microsoft is angling to discontinue the Xbox One line in favor of its new console, the Xbox One S.

The Summer Sale announced by Microsoft also included games bundled with the console like Quantum Break at the same price of $249 until supplies last.

It is believed that with the announcement that aside from the Xbox One S, Microsoft will also launch a new console "Scorpio" on December 2017, upgrades featured in the new consoles will eventually pace out the Xbox One.

The Xbox One S, which is set for release on August 2, is a 4K Ultra HD-compatible console that will be slimmer than its predecessor. It is expected to sell for $349 and $299 for the 1TB and 500GB models, respectively. Meanwhile, a 2TB limited edition model will retail for $399.

There may be some truth to these speculations, based on previous trends made by Microsoft, noted by Extreme Tech.

It can be recalled that the Xbox 360 debuted with a $399 Premium system with a 20GB HDD and a $299 core system with no internal storage at $299 and throughout its shelf life slashed prices accordingly leading up to the introduction of the Xbox One. Before it was discontinued in 2010, the Xbox Arcade has slashed prices to $150.

But would purchasing an Xbox One be a wise move at this point? It can still be considered a good deal, according to the site's tech reviewer Joel Hruska since its cheaper but more powerful than the Wii U. However, with the upcoming new consoles, he cautioned buyers to check for possible backward compatibility news before making the purchase.