MCV is claiming to have the exclusive scoop on a new PlayStation 2 model due early next year.

It looks as if Sony is not yet ready to give up on its best-selling console, which, although sales have understandably dropped, is still outselling the PS3 in some territories.

The new, redesigned model of the now 7-year-old console is said to have a built-in power supply which apparently allows it to be manufactured more economically.

The story is that this "compact" PS2 will launch in the US at $99 in the New Year – a reduction of $30 from its current selling price of $129.

A similar 25% cut would see the hardware costing £75 in the UK. This has not been confirmed by Sony, who would not comment on the story, we'll keep you informed...