Hot on the heels of the 40GB PlayStation 3 announcement in Europe, it looks as if Sony Computer Entertainment America (SCEA) is getting ready to announce a similar model.

A number of analysts have said that Sony would introduce a $399 version of the PS3 before Thanksgiving in order to better compete with Nintendo and Microsoft this holiday season. According to a new report in The Hollywood Reporter, which cites an industry source, the $399 PS3 will actually go on sale starting November 2.

The report added, "A buyer for a major game retailer cited the same date, adding that SCEA has been dropping hints that stores should do all they can to clear out existing inventory in anticipation of the new model." While Sony had previously confirmed that the 60GB version will no longer be produced, it's not clear if the company will at the same time slash the price on the 80GB SKU (currently $599) down to $499.

Like the 40GB model just announced by SCEE, the new $399 PS3 in the U.S. is said to come with just two USB ports (instead of four), no multimemory card port, and it's expected to lack any backward compatibility with the PS2.

A previous rumor suggested that the U.S. model would come bundled with a Blu-ray disc of Spider-Man 3. The movie itself ships on October 30, so the timing seems about right. And even if it isn't bundled, Blu-ray is still a hugely important factor for PS3. By offering a game console and Blu-ray player all in one for $399, Sony no doubt hopes to counter HD DVD, which recently received a boost from Paramount's exclusivity pledge.

SCEA still isn't talking, but Wedbush Morgan Securities analyst Michael Pachter is fairly sure of the $399 price. "This thing being 100 euros cheaper implies very strongly that the U.S. version will be $399," he told Reuters.

Even if SCEA does introduce a $399 model in the near future, it's not clear how much it'll actually help the PS3 business this holiday. One analyst told GameDaily BIZ that a cheaper PS3 would have minimal impact on Xbox 360 sales. You can read more about that here.