A new rumor from BGR, which has been on a tear as of late when it comes to all things Apple, would see the Cupertin0-based company released a $350 contract-free iPhone sometime this summer. It might be hard to imagine just what a low-end iPhone would look like, but BGR postulates that it might very well be the iPhone 3GS that gets the price reduction. As for a high-end model, BGR is hearing that it will be announced “at least announced by the end of Summer, late August-ish.”

[via BGR]