Apple will soon offers its iPhone -- the forthcoming iPhone 5 and a lower priced iPhone 4 -- for use on China Telcom's Network, an analyst says.

Ticonderoga Securities analyst Brian White says a Chinese-language post from the Web site Sohu.com states that China Telecom is "expected to offer two versions of Apple iPhone as early as the end of October."

Sohu.com is reporting that Apple and China Telecom have reached a preliminary agreement to offer the iPhone in two versions for use on China Telecom. The versions are Apple's forthcoming iPhone model, the iPhone 5, and a more simplified version of the iPhone 4 that would be less expensive.

The more economical version of the iPhone 4 would give Apple a chance to attract more customers from China's 907 million wireless subscriber base.

The higher end of China's wireless market, the one suitable for Apple's more expensive iPhone 5, involves roughly 13 million to 15 million wireless subscribers,

White estimates, according to a report in Barron's.The high end market could yield Apple $8 billion to $9 billion in revenue, while the lower end model could yield Apple $30 billion in revenue, White estimates.

China Telecom has 108.4 million subscribers, so it's clear that if Apple has made a tentative deal with the company, sales opportunities for its iPhone could increase.

White has a Buy rating on Apple, with a $666 price target. Apple closed Wednesday at $392.57.