Walmart has cut a deal with Apple that will allow the big-box retailer to sell the iPhone 5 way below the standard two-year-contract price. The device, which usually sells for $199 with a new contract, will be sold at Walmart for $127. 

Various retailers like Best Buy are offering discounts on the iPhone 5, but Walmart has one of the best deals to date. In addition to the iPhone 5, Walmart will also offer the 16 GB iPhone 4S for $47 and the 16 GB iPad with Retina display and WiFi for $399.99.

The discounts will take effect this week at 3,000 Walmart locations around the country. Unfortunately the deal is only offered in-store. 

Back in September, Walmart announced that it will no longer carry the Amazon Kindle. The price slashing shows the strength of Apple's relationship with America's largest retailer. 

[via CNN]