Earlier today, we learned that Verizon is holding a sale on select Android handsets, including a trio of RAZR devices. Now it's the iOS crowd's turn in the deals spotlight, as Walmart has announced that it'll be cutting the prices of some Apple products. The retailer is reducing the price of the 16GB iPhone 5 to $127 (down from $189.97), while the 16GB iPhone 4S will have its price cut from $89.97 down to $47. These prices will apply to the iPhone models on all carriers, require a two-year contract and are effective starting today.

Folks in the hunt for an iOS tablet can also mosey on in to their local Walmart for a deal, as the 16GB Wi-Fi-only fourth generation iPad will be available for $399. Like the iPhone price cuts, the iPad's $399 price is effective today. Starting on Monday, December 17, Walmart will also be throwing in a $30 iTunes gift card with the purchase of the iPad.

All of these reduced prices are only being offered in Walmart stores, so you'll need to mosey on in to a nearby brick and mortar location to take advantage of them. Considering the savings involved, though, it's probably worth the time to venture outside to the closest Walmart if you've been thinking about picking up a new iPhone or iPad. Any of you out there thinking about picking up a shiny new iPhone or iPad at these reduced prices?

UPDATE: Walmart contacted us to let us know that there was a mistake with its earlier announcement and that it's actually the third generation iPad, not the new, fourth model, that's actually on sale. To reiterate, Walmart is offering the third generation iPad with the 30-pin connector for $399, with a $30 iTunes gift card getting included with the purchase of the iPad starting December 17.