Retailers drop prices on Apple's iPhone 4S

Price drops could be sign new iPhone is on the way

HOUSTON – If you're in the market for a new phone, Target and Best Buy have dropped their prices on existing models of Apple's iPhone, including the iPhone 4S.

Target has offered the 16-gigabyte version of the AT&T and Verizon iPhone 4S for $179.99 with a contract.

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Best Buy slashed $50 from the price of the eight-gigabyte iPhone 4 for both carriers.  It is now $49.99.

The price drops are the latest in a round of rumors a new iPhone is on the way before the end of the year.