If you've been waiting for iPhone prices to drop before you bought one, now may be the time.

Walmart is cutting iPhone prices, and now consumers can own an for as little as $29, with a new two-year contract.

With that new contract, customers will only pay $99 for a new 16-gigabyte iPhone 5S, or only $29 for a 16-gigabyte iPhone 5C.

The deal is only for purchases made at Walmart stores, and cannot be used online.

The major price slash is fueling speculation that Apple is preparing to release a new phone sometime soon.

Walmart says they are just aiming to offer great prices to their customers.