In a bid to build even more market share and bring its iPhone to the masses, Apple is partnering with WalMart to give its smartphone the one-two punch it needs. The latest rumor on the Mac rumor site aptly named Mac Rumors has it that the base 4 GB iPhone 3G model will sell for $99. That rumor had surfaced a few months ago and will put pressure on other smartphone makers if Apple will carry out its aggressive pricing strategy. The 4 GB iPhone model was not previously offered. Apple’s 8 GB model will still sell for $199 and 16 GB model will remain at $299.

Expect a more competitively priced iPhone in your local WalMart soon. Training materials for the iPhone 3G has been spotted with AT&T and WalMart logos.

Update: Apparently latest rumors now have it that the iPhone released to WalMart will be regularly priced with a few dollars shaved off.