Lake Success, N.Y. — Canon announced a new, lower-cost Rebel SLR in Japan and Europe today.

The 10-megapixel EOS Rebel XS is positioned as a replacement for

the XTi

and a lower-cost companion to

Canon’s new Rebel

XSi

. U.S. pricing and availability will be officially announced next month, a spokesperson said.

The Rebel XS replaces the XT and joins the XSi on the market. The 10-megapixel camera borrows most of the features of the XSi, including the DIGIC III processor, its integrated cleaning system, noise-reduction mode and a live-view-capable LCD, but offers a smaller LCD at 2.5-inches, a 7-point autofocus system and a 12-bit processor.

The Rebel XS will also clock in a little slower than the XSi with unlimited shooting at 3 fps in JPEG and 1.5 fps in RAW.