We've waited, somewhat impatiently, but waited all the same - and it seems like it is all about to pay off. Rumours circling the internet suggest that David Reeves is set to unveil the 80GB PlayStation 3 for Europe tonight.

Sources says the console will be confirmed for release sometime in September, which is the same date the 80GB PS3 model will become standard in America. Yes, of course they've had the bigger model for months.

Good news is that the larger console is expected to sell for the same prices as the current 40GB in Europe, which currently retails at around £299.99. It will have exactly the same functionality as the 40GB unit, which means unfortunately, there will be no backwards compatibility.

Last October Sony stopped making the 60GB PS3 for Europe, leaving the 40GB model as the only option. We're guessing we can wave bye bye to the 40GB model now though, and at the same time hopefully hello to some nice reductions on it as retailers try to get shot.

We'll get you all the news on the official announcement, as (and if of course) it happens.

UPDATE:

All confirmed, as we expected it would be, and we even got a date of August 27th for the release. Here's what SCEE president David Reeves had to say about it:

"We will be doing promotional bundles from the middle of September to the end of December at various prices.

"The 80GB replaces the 40GB. Please do not ask me if we're going to go down in price for the 40GB because I will give you the answer, the answer is no," Reeves said.

"This has been planned by Kaz who is here today and the team for many, many months. We have very, very few 40GBs, especially in the UK market, and we'll be out of stock probably by the time we launch on August 27th the 80GB."

So there you have it folks. Shame about the lack of price drop on the 40GB consoles though...