Mega US retailers Kmart and Toys ‘R’ Us have released their predictions for the most popular toys of the 2011 holiday season.

Kmart’s third-annual Fab 15 toy list features a cross-section of items ranging in price from US$29.99 to US$99.99. The top-10 toys include Let’s Rock Elmo, Fijit Friends, I am T-Pain Microphone, Barbie Designable Hair Extensions and Doll, Lite Sprites Lite Wand, Prisma and Pod, Redakai Championship Battle Tin, FurReal Friends Cookie My Playful Pup, Nerf Vortex Nitron Blaster, Mini Lalaloopsy Treehouse Playset and WWE Colossal Crashdown Arena.

Modern Family‘s Rico Rodriguez, who serves as the retailer’s official Fun Ambassador, delivered thelist. His reporting and toy testing is documented in a series of videos that are posted at www.kmart.com/fab15, where families are also encouraged to vote for their kids’ favorite Fab 15 toy. The grand prize of a $15,000 toy shopping spree at Kmart will go to one voter.

Toys ‘R’ Us, meanwhile, will use its Facebook fan page as a hub for toy information and consumer engagement this year.  The page will continuously feature the company’s Holiday Hot Toy List and will allow visitors to speak with experts to narrow down gift ideas.

The company has its own Fabulous 15 list of the best new toys for this year’s season. Included are Air Hogs Hyper Actives (Spin Master), Air Swimmer eXtreme (Animal Planet), Lalaloopsy Silly Hair dolls (MGA Entertainment), LeapPad Explorer (LeapFrog), Monster High Fearleading 3-Pack (Mattel), Moshi Monsters Moshling 3-Pack Mini-Figures (Spin Master), My Keepon (Wow! Stuff), Ninjago Lightning Dragon Battle (LEGO Systems), Radica Fijit Friends (Mattel) and Sesame Street Let’s Rock! (Hasbro).

Aside from Let’s Rock Elmo, Lalaloopsy and Fijit Friends making both companies’ toy lists, the retailers are offering varying predictions on what will be the top sellers this year, and it will be interesting to track which toys strike a chord with consumers in the coming months.