Microsoft has just announced a neat new promotion for its top gaming gadget, slashing $50 off the price of any Xbox One console.

As part of a special holiday promotion, Microsoft has decided to cut the price of its Xbox One gaming console, and the discount applies to all models. The limited-time deal will kick in on Nov. 2 and will last until the end of the year, bringing a temporary price cut of $50 across the entire Xbox One line in the U.S.

"The holidays are starting early this year as the Season of Xbox will begin on November 2, when Xbox One will be available for a special, limited-time promotional offer of $349 in the U.S. Special promotional pricing of $50 off the console of your choice applies to any Xbox One console, including special edition bundles, offering some of the year's most anticipated games - Assassin's Creed: Unity, Call of Duty: Advanced Warfare and Sunset Overdrive. With Xbox One available at its best price yet, and savings up to $150 off select bundles, there's never been a better time to own an Xbox One," Microsoft boasts in a new press release on Monday, Oct. 27.

"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," adds Microsoft Corporate Vice President Yusuf Mehdi. "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."

Under this attractive new promotion, the Xbox One model that comes with the Kinect motion camera accessory will cost $449 instead of $499, while the standalone Xbox One without Kinect will drop its price from $399 to $349. These prices are for the U.S., but the company said that it may offer specific promotional deals in other regions as well.

With the upcoming price cut, the entry-level Xbox One console will become nearly 13 percent cheaper than the Sony PlayStation 4 (PS4), if its rival doesn't offer similar promotional discounts. The PS4 made its debut last November, one week before the Xbox One, and has outsold Microsoft's console for nine straight months in the U.S. this year.

The new holiday price cuts may finally give the Xbox One the edge it needs against the PlayStation 4, but it remains to be seen how it all plays out. In the meantime, check out the video below to learn more about Microsoft's new promotion.