Sony Computer Entertainment UK MD Ray Maguire has revealed that PlayStation 3 will retail for £425 when it launches in the UK on November 17th.
Mr Maguire made the comment in an interview with gaming site and TV station Eurogamer TV.
"I don't think it's an expensive machine; I think actually, it's probably a cheap machine," he commented in the interview, which is to be shown in the next couple of days. "If you think a Blu-ray player by itself might be £600-700, and we're coming in at just £425 - it's a bargain.".
Mr Maguire gave the first official word on specific pricing plans for the UK, following Sony's confirmation of a 499/599 Euro figure for the 20Gb and 60Gb SKUs during its pre-E3 media briefing.
Earlier this week GameStation announced that it is already taking orders for Sony's next generation games console.
On sale for spookily predictive £425, the online games store is hoping gamers will choose it over other online shops purely because it is giving them a tantalising opportunity to say that they've got one on order.
Due in on 17 November, the site is currently only listing the 60GB version of the console and does warn that the price may change once Sony has confirmed its price in the UK.
Retail sources suggest that Sony may not release the lower spec model in the UK at all, making the £425 model a massive £140 more expensive than its nearest rival, the Xbox 360.
Interesting the £425 is still £15 more than the €599 price announced at current exchange rates.
Of course placing the order doesn't guarantee you'll be getting one on the day. GameStation is keen to point out that "We will do everything possible to ensure all pre-orders are fulfilled on the release date, but due to the fact that Sony has not yet allocated stock to UK retailers, we cannot guarantee this for customers".
Still at least your card will only be charged when we are ready to send out stock to you.
The full exclusive video interview with SCE UK MD Ray Maguire will feature on Eurogamer TV in the coming days.