Microsoft is giving consumers another reason to buy Xbox One console by slashing $50 off the regular price.

"Fans don't have to wait for Black Friday this year to enjoy great savings on Xbox One. We're offering our best price yet, with unprecedented choices and value, so more people can play on Xbox One this holiday," said Yusuf Mehdi, corporate vice president, Microsoft.

"We're gearing up for one of our biggest holidays ever and we are thrilled to offer fans up to $150 in savings on Xbox One and some of the biggest blockbuster games of the season,"he added.

Xbox One consoles will be priced at $349 beginning Nov. 2, and the promo will run for a limited period of time.

The price cut is also applicable to special edition bundles such as Assassin's Creed Unity, Call of Duty: Advanced Warfare and Sunset Overdrive.

This is also going to be the first time that the relatively more expensive Xbox One will be sold cheaper vs Sony's PS4, which retails for $399.99.

PS4 offers Destiny Bundle for $449.99.

Back in August, Sony has cemented its dominion over the console gaming industry when it announced that PlayStation 4 has officially sold more than 10 million units worldwide.

Apart from a huge gaming library that has sold more than 30 million games, PS4 has continuously integrated efforts to enhance its network to offer more innovative entertainment experience to consumers.

Meanwhile, Xbox has been relatively successful with its latest game releases.

Forza 2 and Sunset Overdrive have received impressive reviews from the gaming community and tech pundits alike.