For everyone who is tired of the ridiculously high price of the Xbox 360’s hard-drives and memory accessories, there could be a new price-slash coming that could only spell good news for console gaming consumers.

Electronic Theatre did a little investigating regarding the High Street price-cuts on Xbox 360 memory accessories, and they did indeed discover that Euro-centric retailer, Argos, has dropped the price of the 120GB HDD for the 360 from £87.99 to £67.99…that roughly translates into $111 in US dollars, which would probably be closer to a suggested retail of $109.99, if the price-cut were to go into effect.

Currently, 120gig HDDs for the Xbox 360 run for about $149.99 at retail and $119.99 used at online retailers such as eStarland.com. So the drop to the $110 range would be fairly significant and would tie-in (moderately) with the new Xbox Live service that offers full games for download.

Electronic Theatre contacted several High Street retailers to see if this was going to be a new trend in competitive prices for Xbox 360 120gig hard-drives, or if only one particular retailer was offering a deal on the storage devices. Turns out, a few retailers had price-cut plans in effect while others failed to comment. And we all know what “No comment” means…it means that an official price-cut is more than likely imminent.

Nevertheless, this is all speculation based on a few UK-based retailers coyly admitting that they are slashing prices on the 360’s 120gig memory units. Of course, it’s highly probable that North American prices on Xbox 360 hard drives will be getting the axe as well, following an official announcement by Microsoft, no doubt.

We’ll keep you posted on this price-cut news, but given the economy, a need to stay competitive and falling prices of the accessories over in the UK, don’t be surprised if Microsoft announces it before we can gather anymore details. For more gaming news, info, insight and updates, be sure to stay tuned in with Blend Games.