Wal-Mart cuts iPhone 4 price to $147

With barely an hour to go until Apple's WWDC kicks off, Wal-Mart announced that it has cut the price of the 16GB iPhone 4 to $147 from $197.

This offer is good from now until June 30, and it applies to both the black and white models.

You'll need a new line of service from either AT&T or Verizon, plus the obligatory two-year contract. The offer is available only in "select stores," meaning you can't get it online. (Wal-Mart's site currently lists all iPhones as "out of stock.")

Why the sudden and substantial discount? One possibility: Apple will also announce an iPhone 4 price cut, dropping the 16GB model to $149 from $199. Consequently, buying from Wal-Mart would save you only a couple bucks.

That's just a guess on my part, but I can't recall ever seeing such a large discount on new (i.e. nonrefurbished) Apple gear. At best, most retailers lop off a few dollars.

On the other hand, maybe Wal-Mart was able to work out a special deal with Apple. If that's the case, and the $147 price is exclusive to it, think you'll take advantage? Share your thoughts in the comments!

Update: Well, no price cut from Apple! For the moment, it looks like Wal-mart is the place to score the best deal on an iPhone 4. At least until June 30.