According to reports, soon after its Xbox press briefing at the E3 event on Monday, Microsoft held a media roundtable where the company confirmed that intends to eventually phase out its currently-available Xbox models once its releases a new “slim” version of its popular gaming console.

Reporting Microsoft’s plans, VentureBeat’s Dean Takahashi said: “The new Xbox 360 with a 250-gigabyte hard drive and the smaller black design will sell for $299. The older Xbox 360 Elite console with a 120-gigabyte hard drive will sell for $249. And the Xbox 360 Arcade console, which does not have a hard drive, will sell for $149. The Elite and Arcade consoles will be sold until existing supplies run out.”

Meanwhile, CNET’s Brian Tong has reported that Microsoft’s E3 press briefing witnessed the unveiling of the new smaller-design Xbox 360, and an announcement about the most recent lineup of games available for its gaming console.

In addition, the company also revealed that its Microsoft Kinect motion-sensor technology – earlier called Project Natal – will essentially use the gamers’ body as the controller, and will introduces a new Xbox 360 interface.

The Kinect, which will hit the stores in November, will not require any remotes or controllers. The device will allow users to play games as well as music and movies; and will also allow them to connect via video chat using voice commands and hand or body motions.