The Wii U will "definitely be less than £249" at launch, a publishing source has told MCV.
Nintendo is yet to provide pricing guidance, but retailers hope the firm has learned from its 3DS mistake.
"It's important we don't go down the 3DS route of retailer-led discounting both pre- and post-launch," said Play.com games buyer Keith Sharpe. "I'm really impressed with Wii U, it's got a good mix of insanely addictive mini-games and traditional 'gamers' titles."
The Hut Group's Sarah Jasper believes Nintendo must ensure consumers aren't left confused by what the Wii U is offering.
"The software looks fantastic, but Nintendo needs to press its messaging hard to ensure the public know this isn't just an add-on for the Wii. Some don't realise it's a standalone machine.
"Hopefully, lessons have been learned from 3DS and pricing sits between £200 to £250. Then we're onto a sure success."
Earlier this month Amazon.co.uk placed a £199 price on Wii U, but pulled the listing claiming it had been made in error.
Wii U is expected to launch later this year.