Apple fans may be able to bring their old iPhone to an Apple store and receive instant credit towards purchasing a new iPhone sooner than previously thought.

If the latest rumors prove to be accurate, this could happen as soon as Friday, Aug. 30.

Apple-centric website 9to5Mac reports that Apple's new trade-in program is due to launch by the end of this month, and MacRumors bolsters the claim with a report of its own. Apple is expected to unleash its new smartphones, the next-generation iPhone 5S and the much-rumored budget iPhone 5C in September.

This program would reportedly be called the "iPhone Reuse and Recycle Program" and it would be a trade-in system different from that of Best Buy or other online sites. The difference would consist of not allowing customers to trade in their old devices in return for cash. Instead, customers would only be able to use the trade-in value of their old devices toward the purchase of a new iPhone with a wireless carrier contract.

Apple, on its part, would fix up the old iPhones that are traded in and prepare them to be sold again as refurbished devices, either in the U.S. or in emerging markets worldwide. The company currently sells only refurbished iPads, laptops and MP3 players, but not iPhones.

When it comes to how much an old iPhone would be worth in trade-in value from Apple, a 9to5 follow-up report indicates that an iPhone 5 with 16Gb of internal storage would be worth somewhere between $250 and $280. That's well below what online trade-in services such as Gazelle or BuybackBoss offer for the same model, as the two companies offer $315 and $375, respectively.

The pricing range 9to5Mac speculates remains unconfirmed, however, so nothing is set in stone just yet. Moreover, the value of a trade-in iPhone will likely fluctuate depending on market conditions such as demand and various promotions.

If these reports prove to be correct and Apple does launch its new trade-in program on Friday, Aug. 30, potential buyers waiting for the next-generation iPhones would have plenty of time to part with their old iPhones and trade them in for a new smartphone. The new iPhones are expected to debut on Sept. 10.