Rumors are flying that Target stores will be cutting the price of the existing iPhone 4 and iPhone 3GS smartphones. The assumption is if the cuts are accurate that this may be the ramp up to clear stock ahead of the iPhone 5 launch. According to the rumors, the price cuts aren’t that huge.

Target is rumored to be selling the iPhone 3GS for only $19.99 with a new contract. That makes the iPhone 3GS hands down the best deal around. The rumor also claims that the iPhone 4 will see prices cut as well.

The 16GB version is said to be selling for $149.99 and the 32GB is selling for $249.99 in Verizon form only. All of the new prices would require a new contract. There is also another promotion to save more. Those that trade an iPhone 3GS for the iPhone 4 will get $100 off the iPhone 4.

via PhoneArena