Through the "iPhone Reuse and Recycle Program," the iPhone 4 and 4S could fetch up to $200, while an iPhone 5 could net as much as $250. A source told ABC News that a 16GB iPhone 5 in good condition would be valued at close to $300. It is unclear if phones with more storage would be worth more.
ABC News also says trade-in is only applicable to those who have an iPhone contract. Anyone currently not on a contract or whose contract is up will have to sign up.
Apple is hosting an event Sept. 10, when it is widely expected the company will unveil its next iPhone.
Best Buy, Target and Radio Shack have similar trade-in programs.
ABC News and the Associated Press contributed to this report.