With just over one month left before the release of Apple's iPhone 5, retailers are rushing to slash prices on older models. Today Target joined Best Buy and Sprint in slashing prices by $50, while apple quietly matches these prices in its retail outlets.

According to PC World, Target is now selling the iPhone 4S with two-year contracts on AT&T, Sprint and Verizon starting at $150 for the 16GB model. Meanwhile, Best Buy discounted the 8GB iPhone 4 to $50 (all carriers), but the iPhone 4S remains at its original $199.99 price tag. 

Sprint was the first carrier to slash the iPhone 4S prices by $50 last week, making the 16GB iPhone 4S $150, $250 for a 32 GB model and $350 for a 64 GB model. Sprint also waived its $36 activation fee for online orders.

Apple also confirmed last week that its retail stores will match discounted iPhone prices from major retailers and carriers. The offer is not available online, and it's not advertised in stores.  You have to ask for the price match, quoting where you have seen the offer, in order to get the discount straight from Apple. Upon request, Apple's headquarters in Cupertino will discount the iPhone 4S and iPhone 4 models by $49.01.

Apple's matching of retailers' iPhone discounts is also a silent confirmation that it is indeed prepping the launch of the new iPhone.

According to pcmag.com, it's expected to be debuted September 12 and perhaps available for purchase within the following 10 days. But you might not want to run out immediately and buy it, as iPhone 4 prices will likely drop following the new model's release.

Heavy speculation regarding the iPhone 5 is most likely responsible for sluggish sales for the current iPhone model, which Apple has confirmed.

Of course, Apple is currently keeping the details for the new iPhone under wraps. Little information has leaked on the phonethus far, aside from indicating that the phone will have a slightly bigger 4-inch screen, a smaller dock connector, LTE connectivity, Near Field Communications (NFC), and a faster processor. Rumors over the weekend indicated that it will also get a bit of a battery bump,  and possibly a unibody shell.