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Walmart discounts 16GB iPhone 5c to 97 cents, 16GB iPhone 5s to $79 for 90 days

Walmart on Wednesday announced an aggressive 90-day iPhone sale that shaves $20 off Apple's 16GB iPhone 5s and about $28 off the 16GB iPhone 5c, bringing the latter model's up-front cost down to less than a dollar.

In an apparent effort to move existing inventory ahead of Apple's expected "iPhone 6," Walmart has initiated a temporary fire sale on 16GB iPhone 5s and 5c models purchased with a two-year contract, reports Engadget.

The discounts are being applied to Walmart's recently lowered permanent iPhone pricing, with out-the-door cost of a 16GB iPhone 5s dropping from $99 to $79, while 16GB iPhone 5c models go from $29 to only 97 cents. Sale pricing requires a two-year contract with AT&T, Verizon, Sprint or US Cellular.

Apple is expected to reveal the next-generation "iPhone 6" lineup at a special event on Sept. 9. Along with a much-rumored 4.7-inch version, the company may also release a 5.5-inch "phablet" iPhone 6 next month, though insiders say production issues may push back release as far as 2015.

While most attention has been paid to the 4.7-inch model, rumors regarding the phablet variant are slowly trickling out, including photos on Wednesday that showed what is claimed to be a rear shell bound for the large-screened handset.