The value bundle comes with two free games, two free Blu-Ray DVDs and an additional controller.
The deal is available in stores and online.
The move coincides with a market-wide price drop of the Xbox 360. Microsoft’s console has been dropped in price from today with the Core console now costing only £179.99 and the Premium system £249.99.
“We expect it to be a massive weekend for games and console sales,” said Woolworths games buyer Alastair Burks. “Competition is intense in the games market and all the big retailers are cutting prices and offering deals to try and stay ahead of the game. We believe our PlayStation 3 deal is the best in the market and expect it to be phenomenally popular.
“This summer’s indifferent weather has meant shoppers turning to indoor pursuits instead of going to the beach or a barbecue. As a result games sales at Woolworths have hit record levels for this time of year.”