Wal-Mart, the world's largest retailer, plans to slash the price of Apple's 16GB 3GS iPhone to $97 beginning Tuesday.

Apple (AAPL, Fortune 500) is widely expected to unveil a brand-new iPhone next month, and could be working with retailers to clear out its remaining inventory of the about-to-be-outdated model.

At the new price, customers will save $100 on Apple's smart phone, which currently sells for $199. The deal requires that the phone be purchased with a two-year contract from AT&T, the iPhone's exclusive service provider.

"It is our commitment to always lead on price," Mehrdad Akbar, Wal-Mart's (WMT, Fortune 500) senior category director for wireless, in a prepared statement about the price change.

Apple sold 8.3 million iPhones last quarter, more than twice the amount sold during the same period a year ago.

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