Released in September last year, the Sensation XE comes with a durable aluminium unibody, 1.5 GHz dual-core processor, 4.3-inch display and Android Gingerbread version 2.3.4.
HTC, which owns a 50% stake in Dr. Dre's Beats headphones, incorporated Beats audio technology into the Sensation XE, along with a full HD camcorder supporting stereo sound recording.
The new deal, available exclusively at Asda's website, sees the smartphone offered at £329 with a free pair of iBeat headphones worth £80.
The Sensation XE cost £450 when it launched last year, but can now be picked up on Amazon for around £370, or £270 second hand.
"Most of our customers use their mobiles far more often than their computers," said Asda's mobile technology expert, David Fletcher.
"For this reason, advanced smartphones such as the Sensation XE are becoming increasingly popular. It offers incredible performance yet will still fit in your pocket.
"There have been smartphones billed as media centres for a long time now. Unfortunately, most of them are bundled with low quality headphones and have limited storage capacity. With this high spec phone, you also get a fantastic pair of headphones worth more than many budget mobiles."
Other deals currently available exclusively at www.direct.asda.com include the Motorola Defy Mini Mobile for £79 and the Samsung Galaxy Note in white for £369.