iPhone 6 and iPhone 5S release date seemed to be sooner than later as major retailers were dropping iPhone 5 prices to maximize profits just before the next iPhone arrives.

Apple also seemed to be authorizing retailers in lowering the MSRP or Manufacturer's Suggested Retail Price. Retailers are not allowed to slash the iPhone MSRP without the approval of Apple and the company is very strict when it comes to the pricing of its products.

With the sudden deals and discounts offered by retailers, Apple seemed to grant them the permission to lower the price for them to exhaust all remaining inventory ahead of iPhone 6 and iPhone 5S release date.

Many consumers thought that iPhone 6 will be released soon due to Walmart's latest iPhone sale. Walmart now offers iPhone 5 and iPhone 4S for $129 and $39, respectively.

Another US retailer Best Buy offers the previous iPhone for $149. However, some lucky consumers were able to upgrade their current smartphone to a "free" iPhone 5 last month. The company allowed customers to trade-in their old iPhone 4 or iPhone 4S in exchanged for at least $150 in credit.

US carriers also offer deals and discounts to the current iPhones. AT&T offers 50% price cut to all of its smartphones not just the iPhone 5. T-Mobile, on the other hand, lowered the contract price of the current iPhone 5.

T-Mobile offers discount on the current iPhone 5. The iPhone 5's price has been slashed to just $145.99 upfront on a two-year T-Mobile contract. The iPhone 5 was available for $99 when it first launched in April, but this was raised to $149.99 in May, after the promotional period.

However, iPhone 5 prices in Amazon and other online stores remain high and ranges from $475 to $700.

Another possible reason for the imminent iPhone 6 and iPhone 5S release date and the marked down prices of iPhone 5 is the rumour that Apple will end the production of the handset to solely focus of the manufacturing of the next iPhones.

According to some sources, the in-cell technology that will be used in iPhone 6 and iPhone 5S to make it thinner cannot be produced in low volumes. Thus, Apple has to end the production of iPhone 5 for the production of large number of iPhone 6 and iPhone 5S units.

Rumour has it that Apple's iPhone 6 will be powered by A7 quad core processor, which claimed to be faster than the previous processor. The processor will be paired with iOS 7 operating system, which is packed with new and better features.

Apple may have planned to bump the storage capacity of its smartphones. iPhone 6 is said to be coming with 16GB, 32GB, 64GB, 128GB internal storage. The company may also add a new security feature to its devices with the inclusion of fingerprint sensor in the home button.

The low cost iPhone 5S, on the other hand, is reported to come with 4-inch screen display, dual core processor, 8 MP rear shooter and a plastic casing.