• Microsoft Holds Its Xbox 2016 Briefing During Annual E3 Gaming Conference

Microsoft Holds Its Xbox 2016 Briefing During Annual E3 Gaming Conference (Photo : Kevork Djansezian/Getty Images)

Just one week before the 2TB Xbox One S hits the store, Microsoft is now selling its 500GB Xbox One for a reduced price of $249. The sale marks the third price cut in less than two months and comes with a bundle game.

Gamers can now buy the cheaper Xbox One that comes with a bundle game where they can choose from "Rise of the Tomb Raider," "Forza Motorsport 6," "Rare Replay" or "Gears of War: Ultimate Edition." It also comes with a black wireless controller, HDMI cable, AC power cable and a 14-day free trial of Xbox Live Gold, according to PC Mag.

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The Xbox One at $249 will be available at retailers like Best Buy and Amazon and will be available "while supplies last." The latest price drop could be a signal for inventory clearance for the game console before the newer Xbox One S release on Aug. 2.

The latest game console features an integrated power supply, IR blaster and supports HDR gaming, Blu-Ray and 4K Ultra HD video. All Xbox One games, accessories and Live services works with the S. The Xbox One S is 40 percent smaller than its predecessor and its new hardware has been "widely praised" as described by The Verge.

The pre-ordered 2T version of Microsoft Xbox One S at $399 will be on the consumer's door steps on the release date. It will be sold "in limited quantities" in the UK, US, Canada, Australia, Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, and Turkey.

Cheaper versions of Xbox One S are also available at $349 for 1TB and $299 for 500GB model. However, Microsoft did not provide a specific date, but they promised to share more details "soon."

Meanwhile, another version of the game console, the Xbox Scorpio, Microsoft's "most powerful console ever," is set to launch next year. It is reported to deliver six teraflops of computing capability, and true 4K resolution, and said to be four times more powerful than the Xbox One.

Here's the preview of the new Xbox One S: