Despite online reports suggesting others, SCEA says a $299 PS3 is nothing more than wishful thinking.

"We have no plans for any pricing announcements on PS3," a Sony representative told GamePro in an email on Tuesday. "What you are hearing is purely rumor and speculation."

Rumors of a PS3 price drop to $299 surfaced on Monday in connection with the newly confirmed white PS3.

According to multiple (and some hokey) reports, the $299 PS3 news stems from "several posters at SlickDeals.net," something a website administrator later clarified to just one vague and dated reference on an unrelated thread.