I’m waiting for confirmation on this, but it appears that the alleged 40GB PS3 has been logged in the UPC database, which does not accept user generated data. UPC codes are provided by GS1. There’s also been confirmation that the PS3 appears on Best Buy’s internal database. Whether or not it will be priced at $399.99 is unknown, but It’s been confirmed that it does exist. A $400 PS3, huh? I like that idea.

[Update]: “We don’t comment on rumors.”, was the answer I received from my BB rep.

UPC Database [via Joystiq]