Sources tell us that Nintendo is planning to release a revised and much smaller version of the original Wii console next week. The revised version, which has been dubbed the “Wii Mini,” will apparently feature a number of moves to reduce costs of the console; this could indicate that Nintendo is planning to perhaps slash the price of the console, but so far this has yet to be confirmed.

While Nintendo itself has yet to comment on the possibility of the release of a new version of the Wii console, sources tell us that it will be bundled with the Wii sensor bar, Nunchuk, and the Wii Remote Plus. As with the last revision of the Wii, it is expected that the Wii Mini will also be incompatible with GameCube software and accessories.

Our take is that we believe that a revised Wii console is on the way, but we don’t think Nintendo will be dropping the price, and it is possible that the Wii Mini could see release in only select regions at least to start with. We will have to wait till next week to see if this pans out or not.