First it was the iPhone 3GS and now it's the iPhone 4.

According to reports, both phones will see a significant price drop in the coming weeks. By reportedly cutting the prices of its two most popular phones, Apple has opened itself up to speculation that next generation iPhone is on its way soon.

First came news that Best Buy was giving away an iPhone 3GS with a two year contract to AT&T. The 8GB iPhone 3GS was available Monday as part of Best Buy's Deal of the Day campaign.

Today, rumors surround the iPhone 4 as Reuters reports Apple is going to manufacture a cheaper version of the iPhone 4. Reuters cited unnamed Apple suppliers in Asia. The phone, the report said, will have its flash drive manufactured by a Korean company and be 8GB. Other details on the baby iPhone 4 were not reported.

Meanwhile, Reuters also reported on the upcoming iPhone 5. The phone will be a modified version of the iPhone 4. According to the same report, it will be the same as the iPhone 4 with a bigger touch screen, better antenna and an 8-megapixel camera. All told, manufacturers have been told to prepare production capacity for up to 45 million units.

According to recent reports, including one from  9To5Mac, the iPhone 5 and a smaller iPhone 4 will both launch on October 7. The blogs cite sources that said Apple was weighing between October 7 and 14, but are presently shooting for the earlier date. Pre-orders, 9to5Mac, said would occur on September 30.

There have been multiple reports on the possible iPhone 5. Apple, which is historically tight-lipped, hasn't even acknowledged its existence. The company typically announces a next generation iPhone at its Worldwide Developer's Conference. However, this year, it decided to not do that and since then speculation on the iPhone 5 has run rampant.

According to a recent PriceGrabber survey, 35 percent of consumers wanted to purchase the iPhone5, sight unseen.