For savvy shoppers who want an iPhone 4S but want to save some cash, Target has a deal for you.

The retailer is advertising a limited time offer to slash iPhone prices by $50.

That drops the 16GB iPhone 4S to $149.99 while the 8GB iPhone 4 is reduced to $49.99.

Both deals are available with the purchase of an iPhone and two-year contract from AT&T, Verizon, or Sprint.

The sale is only available at brick and mortar Target stores, with the Target Mobile website still listing the 16GB iPhone 4S at the standard $199. As such, supplies may be limited by store.

Shoppers will want to act fast though - the sale only runs through this Saturday, May 12.

Hold out ... if you can

Of course, with rumors of the iPhone 5 possibly coming as soon as June, it would be understandable to want to wait.

Each new version has historically been accompanied by deeper price cuts than Target's deal.

But with the sale ending right before Mother's Day, savvy shoppers should take note that smartphones and tablets are one of mom's most requested gifts this year.