While people may soon line up to purchase the iPhone 5, Verizon is enticing customers to purchase the current iPhone 4.

Fueling fire to the rumor that the new iPhone 5 will hit stores next month, Verizon is selling the iPhone 4 for $120 until Sept. 30, according to Beatweek Magazine's Bill Palmer.

I received a text from Verizon offering me an iPhone 4 at the price of $120 with a new 2 year contract but the offer only stands until Sept. 30, a Verizon customer told Palmer. This could be a telltale sign that Verizon is trying to clear inventory before the new phone hits stores.

A lot of rumors have swirled about the launch date of the new iPhone, with most analysts predicting that the phone will be released sometime in early to mid-October. Currently, a launch date of Oct. 4 has swirled around the news media. If these launch reports are true, the phone likely will hit stores by the end of the month.

Even former Vice President Al Gore, a director with Apple, has said the iPhone 5 will come out next month.

Not to mention the new iPhone is coming out next month. That was a plug, Gore said at the Discovery Invest Leadership Summit in South Africa earlier in the week.    

The new phone is expected to include an 8-megapixel camera, an A5 dual-core processor, mobile payment functions and perhaps the Qualcomm mobile phone chip. Furthermore, the phone is believed to have an improved display, more memory and an enhanced battery life.

Sprint has also hinted at selling the iPhone, although the company has not officially confirmed the plan. According to a recent report by Boy Genius, Sprint is not allowing employees to take any vacation time from Sept. 30 through Oct. 15 due to the launch of the iPhone 5. Executives have dodged directly answering the rumors.

The third-largest wireless carrier in the U.S., Sprint has struggled in recent years to stay competitive with telecommunication behemoths AT&T and Verizon. They have been vocal in opposing the proposed merger between AT&T and T-Mobile USA.

Some analysts say that Sprint selling the iPhone may mark the beginning of a turnaround for the beleaguered company. Verizon began selling the iPhone in February, becoming the second wireless carrier to offer the product. AT&T has been selling the phone for the past several years.