Wedbush Morgan Securities analyst Michael Pachter is convinced that the 80GB PlayStation will soon bear a new price tag, reading $499. Currently the model retails for $599.

Sony has yet to comment on current speculations (and probably it won’t for the time being), but the rumor does hold enough water to give hope to those waiting for a price cut.

First of all, Sony needs a strong argument to boost its shopping season sales and “$100 off” is a very good one. Second (and most important), the 60 GB PS3 model (the current holder of the $499 price tag) is soon to be extinct, it’s only logical that the 80 GB console would step in its place.

After all, it’s the same strategy Sony used earlier this year, when it discontinued the production of the 20 GB PlayStation. The 60GB console replaced the 20 GB model in terms of price, and it was replaced in its turn by the 80 GB PS3.

Now it’s latter’s turn to step down, so Sony must be preparing the release of a new console. A 120 GB PlayStation 3, perhaps?