Word's on the street that retailer Best Buy is gearing up to offer Samsung's best-selling smartphone, the Galaxy S3, for just $49.99 on a two-year contract with major U.S. carriers on Dec. 16.

"Samsung S3 $50 @ Best Buy this weekend Sprint/Verizon/ATT - I work for Best Buy (Mobile in a BigBox). Our DM was in yesterday and told us that the S3 will be on sale this weekend for $49.99 for all three of the big carriers," stated a blog post on SlickDeals.

The blog further added "It is SUNDAY only. T-Mobile will not be included at this price point ($79.99). Prior purchases CAN be price matched, following the regular price match guidelines (within 30 days)."

Currently, the 16GB version of the Galaxy S3 is available from Best Buy for $149.99 on Verizon, $179.99 on T-Mobile, and $199.99 on Sprint and AT&T. If the rumor is to be believed, then potential customers can make a saving of $100 or over on a new two-year contract for the Galaxy S3.

The Galaxy S3 has been one of the most popular Samsung smartphone with global sales climbing as high as 30 million units. The sales of the 4.8-inch smartphone with top-end features had also pushed iPhone to the second position in August this year. The smartphone continues to give stiff competition to Apple since the iPhone 5 went on sale in September this year.

The growing popularity of the Galaxy S3 also made Samsung bring more color options for the smartphone in a bid to stay in the consumer memory and attract more buyers.

During thanksgiving, Best Buy reduced the price of the Galaxy S3 to $49.99 on a two-year contract on AT&T only. If the deal rumor bears fruition, then customers can avail the Galaxy S3 for $49.99 on more U.S. carriers.

Even though the blog post states that the deal is for Sunday, Dec. 16 only, it will be interesting to see if the deal is continued over the Christmas period.

If you are looking for a new smartphone will you opt for the impending $50 deal from Best Buy?