US electronics chain Best Buy is reported to offer free iPhone 5 handsets to its consumers leading to the imminent release date of the rumoured iPhone 6 and iPhone 5S.

Best Buy will give a chance to consumers a chance to upgrade their current smartphone to a "free" iPhone 5.

The company is once again allowing customers to trade in their old iPhone 4 or iPhone 4S in exchange for at least $150 in credit. That amount of money along with Best Buy's current $50 instant rebate is enough for a free Apple iPhone 5 with 16GB.

However, if your version of the iPhone 4 or iPhone 4S is worth more than $150, Best Buy will supplement the rest of your trade-in value with a Best Buy gift card. To qualify, you must be eligible for a free upgrade or a new account. You must also cover the cost of taxes and carrier fees. Moreover, AT&T, Sprint Wireless, and Verizon Wireless users are allowed to upgrade their model.

Best Buy has already gone through one day of iPhone 5 trade-in promotions, and it was such a big success that they plan to keep this new round running for nine days.

The trade-ins strengthen the ongoing rumour that the successors of iPhone 5 are coming very soon. 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.

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

However, Apple did not give an official statement on the rumours surrounding iPhone 6 and iPhone 5S.