Verizon is letting HTC's Droid Incredible 4G LTE loose later this week, announcing a July 5 launch.

The smartphone comes pre-installed with Android 4.0 Ice Cream Sandwich and HTC's Sense 4 GUI on top, while packing a 1.2GHz dual-core Snapdragon S4 processor, and a 4-inch qHD Super LCD screen boasting a 960x540 resolution.

It also features Beats Audio, a 1700 mAh removable battery, NFC support, 1GB of RAM, and 8GB of storage that can be expanded by up to 32GB through a microSD memory card slot.

An 8-megapixel camera with LED flash is on its back, capable of 1080p HD videos, while a VGA camera is placed up front for video chat.

The price is right

While the phone's specs aren't a surprise at this point, the price certainly is.

The Droid Incredible 4G LTE will arrive at Verizon Wireless stores for $150 after a $50 mail-in rebate with a two year contract.

Back in April a leaked Verizon document hinted that the phone would cost double that, dangerously pricing it against more powerful handsets like the Samsung Galaxy S3.

There's no word from HTC or Verizon on when the Droid Incredible 4G LTE might receive an Android 4.1 Jelly Bean upgrade, as Ice Cream Sandwich begins to melt in the summer heat.