GameDaily Biz is reporting that the Xbox 360 Elite will be formally announced tomorrow by Microsoft. This isn’t that far out of left field, since we’ve seen the production leaks, magazine articles, and stories from Dean Takahashi.

They have an anonymous source in the industry, and they usually are pretty on target with their expectations. Everyone knows it’s been coming, it’s just a matter of time.

From the article:

The black colored console was revealed in the April issue of Game Informer, and while Microsoft has continued to deny its existence, it’s become one of the worst kept secrets in the industry of late. The new model 360 is rumored to come with a 120GB hard drive, an HDMI port and cable, but no HD DVD drive. It’s also not clear whether it will feature the same 90-nanometer chipset or the cheaper to produce, more effective 65-nanometer chip, which Microsoft will likely switch over to soon.

We’ll keep our eyes pealed tomorrow. I wouldn’t be surprised to see this press release come across my desk early tomorrow.