It’s official. The rumors about the Wii price drop are true. According to USA Today and PCWorld, Nintendo will be lowering the price of the Wii console to $149.99. The price change is said to go into affect on May 15th, though some retailers have already reduced the price of the Wii to $170.00.

Nintendo will not only drop the price of the Wii, but it will change up its package as well. Instead of including the classic Wii Sports and Wii Sports Resort, the new package will include a copy of Mario Kart and a Wii steering wheel as well as a Wii remote and a Wii console in either black or white.

To make things a little more interesting, Nintendo will also be dropping the price on some of the Wii games as of May 20th. Games like Zelda Twilight Princess, Mario Super Sluggers, and Animal Crossing will be sold for just $20 each. Wii Sports will also be included in what Nintendo will call their “Select” value line. It will be the first time Wii Sports is sold as a stand alone game and not with a console.

Reggie Fils-Aime, president of Nintendo of America, says that a successor to the Wii will be unveiled at the electronics Entertainment Expo in June. However, the new system will not be available until at least the second quarter of 2012.