Nintendo Wii video game system will be available for less than $150 from mid of May, the Japanese video game company confirmed.

Starting May 15, Wii package, which will include game console, Mario Kart game software and a white/black steering wheel controlling accessory, will be available for just $149.99.

The company will offer the newly priced Wii package along with the existing $199.99 Nintendo Wii system, which comes with the games Wii Sports and Wii Sports Resort, until inventory come to an end.

Speaking on the topic, Nintendo of America President Reggie Fils-Aime said, "There is quite a bit more volume to be sold on the Wii home console. And the way we are going to get there is by offering the system at this low price and by including a key software title like Mario Kart."

The company expects the new price cut will provide a boost to the Wii sales. With more than 86 million Wii sales since its launch in 2006, the Wii is the top-selling video game system in world.

However recently, the Wii suffered a decline in popularity. As per disclosed figures, Nintendo sold 15 million units during the fiscal year ended March 31, down from around 20 million sales in the previous year. Revenue slipped 29 per cent to $12.3 billion during the same period.