A cheaper version of Apple's iPhone will be sold at Wal-Mart Stores for $99 later this month, according to a New York Post article.

Two models of the popular mobile device will hit shelves at the retail giant, the paper said, citing employees at several stores.

The San Jose-based Mercury News also had a write up about Apple's new offerings adding that the new $99 iPhones would be 4GB models, and that Wal-Mart was attempting a pre-Christmas launch.

The new price is significant lower than the company's current one. The iPhone went on sale starting July 11 at $199 for the model with 8GB of storage and $299 for the 16GB version.

Neither Apple nor Wal-Mart Stores have confirmed the reports. What would be also interesting is to see whether there will be any new data service contracts by AT&T Inc. Currently, iPhone users need to sign up with AT&T Inc for a plan that costs at least $30 a month for unlimited Web access and another $5 for 200 text messages or $20 for unlimited texting.