BGR exclusively reporting that Apple is about to launch its inexpensive iPhonoe for $350 without contract by the end of summer.

According to our source, Apple will indeed be launching a prepaid / lower cost iPhone this year. We are told the handset will retail for no more than $350 without contract. Ready for the really interesting part? It’s entirely possible that the low-cost iPhone will in fact be the iPhone 3GS.

It might by iPhone 5 or iPhone 4S, we don’t know yet. End of summer means in late August. This inexpensive iPhone is expected to be lighter and thinner than the iPhone 4. It also might be smaller and similar to the Android phones. We’ll be back with more news about this iPhone.

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