According to a new report from a reliable source, Verizon is rumored to begin offering a new promotion beginning in the middle of this month that will cut the cost of an iPhone 5 on Verizon by $100. This could be Verizon's way of getting rid of iPhone 5 inventory for Apple's upcoming iPhone 5S.

If true, this means Verizon customers will be able to purchase a 16GB iPhone 5 for a very low $99. This could also point to the iPhone 5S and low-cost iPhone possibly debuting at Apple's World Wide Developer's Conference in June, where it is expected to show iOS 7 to the world for the first time.

Recent rumors claim that both smartphones would either be released sometime in June or July, or possibly in the fall with a release sometime in September or October, when Apple has previously launched iPhones. Tim Cook might have been throwing us off when he claimed during Apple's last earnings call that there would be new Apple products in the fall:

"Our teams are hard at work on some amazing new hardware, software and services we can't wait to introduce this fall and throughout 2014."

The source of the new Verizon promotion is evleaks, who has a very good track record when reporting upcoming devices and details. It would certainly make Apple fans happy to get their hands on new iPhones this summer. If the rumor is true, there's no way of knowing if this promotion is a limited-time offer or the permanent new price of Verizon's iPhone 5. Take all Apple rumors as just that, rumors. If the report is true we should be hearing more concrete details very soon.