Electronics chain Best Buy offers $50 off on iPhone 5 since Sunday, which sparked rumours on the imminent release date of the device's successors dubbed as iPhone 6 and iPhone 5S.

The discount will apply to all iPhone models: the iPhone 4, iPhone 4S and iPhone 5. Prices will drop by $50. But, you still have to get a new contract with one of the approved providers (AT&T, Sprint or Verizon).

The discount was due to the Memorial Day weekend, which is a big shoppers' weekend. Best Buy also offers discounts on other devices such as the Samsung Galaxy Series.

Apple is no stranger to the needs of its distributors, and their relationship with Best Buy has always been great. It would make sense if a large retailer like Best Buy got the inside scoop on the release date of the new line of smartphones from Apple and is making a move. But, to look into any such gesture too much will only lead to frustration.

However, if rumours proved to be true, it is likely that Apple will either make an announcement or drop some hints on the specs and features of the iPhone 6 and iPhone 5S.

If US is offering discounts on Apple devices, iPhone 5 still has an expensive price tag in many countries. IBTimes AU reported earlier that the iPhone 6 and iPhone 5S release date will not happening anytime soon as iPhone 5 is still selling very well in the market. In Australia, the price of an unlocked version of iPhone 5 costs around 700AUD to 900AUD.

Moreover, it seems that some of the retailers in Australia have a lot of stocks of the device and do not see the need to cut down the price of the popular tablet as long as Apple does not introduce the successors of the device.

It is initially reported that the new iPhones will be launched in June along with the upgraded iOS. However, other reports stated that the devices will make its debut in September.

The Apple chief Tim Cook also dropped several hints that the upcoming iPhone 6 and 5S will be released later this year. Cook said that no new products are to launch before the end of the year.

Cook also subtly dented rumours that the iPhone 5S could launch as early as June. "Our teams are hard at work on some amazing new hardware, software, and services that we can't wait to introduce this fall and throughout 2014."

Rumour has it that the next iPhone will feature Retina or IGZO screen display, A7 quad core chip processor, iOS 7, 128GB internal storage, 13 mega-pixel camera, and longer battery life. The lack of NFC support on the iPhone 5 was one of the biggest criticisms aimed at Apple's smartphone.

The cheaper iPhone 5S is rumoured to sport a plastic casing, 4-inch screen display, dual core processor and 8-megapixel camera.