Now that the PSP's successor has been announced, gamers are probably going to be a bit hesitant to buy the aging handheld. To encourage sales, Sony is planning to lower prices on the system as well as some of its games.

Starting February 27th, the price of the PSP-3000 will drop to $129.99. PSP Entertainment Packs will be available at $159.99. No change has been made to the $200 price of the digital-only PSPGo.

Sony is also adding several games to the PSP's "Greatest Hits" and "Favorites" libraries. The following games will be available at a reduced price:

New PSP “Greatest Hits” Titles ($19.99)

• Assassin’s Creed Bloodlines
• DISSIDIA FINAL FANTASY
• LittleBigPlanet (PSP)
• METAL GEAR SOLID: PEACE WALKER
• Ratchet & Clank: Size Matters
• Resistance: Retribution
• Toy Story 3: The Video Game

New PSP “Favorites” Titles ($9.99)

• CRISIS CORE-FINAL FANTASY VII
• Daxter
• Monster Hunter Freedom Unite
• Killzone: Liberation
• SOCOM U.S. Navy SEALs: Fire Team Bravo
• Tomb Raider Anniversary