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Both my colleague John Cook and I are in the market for a new smartphone, and Wal-Mart’s latest deals certainly just caught our eye.

The retailer is now selling the iPhone5 for just $127 on contract and the 4S for $47 on contract. Wal-Mart is also selling the 16GB third-gen iPad with WiFi for $399, along with a free $30 iTunes gift card.

The iPhone5 usually sells for about $199 and the 4S for $99. Unfortunately, the deals are in-store only, so you’ll have to hop in the car if you want to save some dough.

That might be enough of a discount to convince a person like me to get the iPhone5 over, say, the Samsung Galaxy S3. With Google Maps on the Apple product and Microsoft Office reportedly coming next, that’s not too bad of a deal.

UPDATE, 4:35 P.M. — As they’ve been doing with all the other outlets, Wal-Mart PR emailed us to make a correction on the press release. Wal-Mart is not selling the fourth-gen iPad for $399, but rather the third-gen iPad at that price. We’ve updated our story.

Previously on GeekWire: iPhone users rejoice: Google Maps is back, and better

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