Starting December 17th, Walmart stores will sell the 16GB iPhone 5 for just $127 with a two-year agreement. Additionally, it appears the price of the iPhone 4S will be lowered to $47, also tied to a two-year contract.

Update: You can also snag a 16 GB fourth-gen Wi-Fi (lightning port) iPad for $399 paired with a $30 iTunes card (we received clarification from the PR company that deal is for the fourth-generation iPad, not third-generation/30-pin connector model).

While Walmart is slashing their prices on contract tied iPhones,Target offers the 16GB iPhone 4S through Virgin Mobile at $399.99 (originally $449.99).

All offers are in-store only. Would the price drop entice you pick up an iPhone this holiday shopping season?