Apple is likely to soon release its latest flagship smartphone, iPhone 6, as its retail partners are in the race to offer best deals on iPhone 5S and iPhone 5C. This is seen as a sure shot way by analysts to clear existing inventories and make room for new ones.

U.S. retail giant Walmart has been retailing the 16GB iPhone 5S at a price if only $119, along with a 2-year contract and customers have the option to choose between AT&T and Verizon, reports CNN Money.  The 5S was initially launched at a price of $200, so the promotional offer definitely worth more than a second look.

Meanwhile, iPhone 5C is being offered by Walmart for as low as $29, along with lock-in agreements from network service providers.

On the other hand, the Best Buy is offering the iPhone 5S and iPhone 5C at a price tag of $150 and $50 respectively, along with the same terms and conditions.

Apart from these two retail giants, Target is also in the competing list.

Several analysts have predicted that the next iPhone would possibly be available in the market as early as June or July 2014 after seeing these great iPhone deals. However, CNN Money believes that this development is a result of market forces like saturation and not the signals that apparently come from Apple.

There have also been rumors that the upcoming Apple smartphone will be having a sapphire crystal screen, resulting in more durability and scratch-resistant as compared to iPhone 5S. At the same time, the upcoming device will have a higher price tag.