The new, super console is set for launch in the US on April 29th and will be priced at USD479.99 (GBP 244). Microsoft is yet to announce details of the Elite's launch in Europe.
In addition, the new 120GB hard drive will be sold as a standalone accessory, priced at USD 179.99.
"Today's games and entertainment enthusiast has an insatiable appetite for digital high definition content," said Peter Moore, corporate vice president for the interactive entertainment business at Microsoft.
"Xbox 360 Elite's larger hard drive and premium accessories will allow our community to enjoy all that the next generation of entertainment has to offer."