Apple will reportedly launch the Verizon iPhone at an event which will take place towards the middle of February 2011.
According to BusinessWeek, Apple will launch the CDMA version of the iPhone 4 during an event around Valentine's Day.
With the launch of Verizon iPhone, AT&T's exclusive contract with Apple will end, spelling trouble for the wireless carrier.
However, AT&T is gearing up to launch other competitors for the iPhone in order to compensate for the loss including a number of Android handsets.
AT&T has long been criticised for poor services to customers, resulting in bad press for Apple. A recent survey conducted by Consumer Reports ranked AT&T as the worst carrier in the US.
Verizon is likely to benefit from the Verizon iPhone sales as many AT&T customers are expected to switch over to Verizon.
Interestingly, the launch is likely to coincide with the Mobile World Congress event which is going to take pace from the 14th to the 17th of February in Barcelona.
It is also likely that the CDMA iPhone 4 will integrate some under-the-hood improvements that will earn it the name of iPhone 4.5.