On Friday, retail giant Walmart announced that it is slashing the cost of Apple's iPhone 5s and iPhone 5c handsets. The iPhone price-cut move announced by Walmart is an apparent indication of the imminent release of the much-anticipated next-generation iPhone model - the 'iPhone 6.'

As a result of the iPhone price-cut announced by Walmart, customers who purchase the 16GB version of the high-end iPhone 5s handset in person at a Walmart store will have to pay only $99, instead of $149, with either a new or renewed two-year service agreement. The deal will not be available for iPhone 5s purchases made online.

The price-reduction announced by Walmart also brings down the cost of 16GB model of the low-end iPhone 5c handset from $49 to $29, with a two-year contract. This deal will also be available on in-store iPhone 5c purchases at Walmart, not online.

Though Walmart has not yet announced any price-cut in the 32GB models of the iPhone 5s and iPhone 5c handsets, it is being widely speculated that the price reduction on the 16GB versions of the two handsets is an indication that Walmart is lowering its stock of both the current-generation iPhones, in anticipation of the forthcoming launch of the new, bigger-screen iPhone 6 model.

According to rumors, the 4.7-inch version of iPhone 6 will likely hit the markets in September; while the premium 5.5-inch variant of the handset will probably be launched in November.