The renowned retail giant, Walmart is creating some space for the upcoming iPhone inventory by offering steep discounts on existing iPhone models.

The launch date of the next iPhone model is finally nearing. But if you want to buy the current model at a bargain price then this is just the right time. Amid reports of the launch of iPhone 6 on September 9, mega-retailer Walmart is offering some attractive deals on existing iPhone models. For the next 90 days starting Thursday, the iPhone 5C 16GB model will retail for mere 97 cents while the iPhone 5S gets $20 cheaper at $79, Engadget reports.

A Walmart spokesperson confirmed the offer to CNET, in what appears to be the best offer on Apple's latest iteration of iPhones. The iPhone 5S was formerly priced at $99 and the iPhone 5C retailed for $29. The new, low price limited offer is valid with a standard two-year contract with leading carriers including Verizon, AT&T, Sprint and US Cellular.

Retailers tend to slash the prices of their existing stocks just before a new model is released. In this case, several media reports have pointed towards the launch of iPhone 6 at a special event scheduled to take place September 9. While nothing is concrete, the price drop certainly adds credibility to the ongoing buzz.

Media reports have long suggested two iPhone models to be launched to mark the next iteration of iPhone. One with a 4.7-inch screen is likely to be unveiled next month, while manufacturing issues have reportedly hindered the launch of the larger 5.5-inch iPhone model. The 5.5-inch model will likely be called iPhone 6L (L for large?).

Apple is widely reported to have used sapphire for its new iPhones display but only for a limited number of handsets, as reported here. Other rumored specifications for the upcoming iPhone include an improved camera, reversible USB cable and bigger batteries. More details will surface on September 9, but those who want to grab the iPhone 5S or 5C must act fast as the offer is for a limited period only.