The nation's largest wireless provider, AT&T, is reportedly looking to lower the price of its iPhone plan by $10 a month when Apple introduces the newest version of the handset in June, according to an analyst at Cote Collaborative.

Michael Cote said that there is a "strong possibility" that the company will drop the price of the phone's entry level plan down to $59. The cut, which is expected to occur around the time of Apple's annual World Wide Developers Conference, would reduce the price of a two-year contract by 14 percent, or $240.

The rumored price crop would be an attempt by AT&T to meet building pressure to sell more iPhones. The handset has been the target of mounting competition, surpassed in sales by BlackBerry last quarter and likely to be affected by the upcoming release of the Palm Pre.