Apple Reportedly Ready to Launch iPhone Upgrade Promotion on Thursday

Apple is ready to kick off a promotion to entice customers with older iPhone models to upgrade starting this Thursday, according to insider sources. The event is designed to help drive up iPhone sales, and dovetails with the company's existing iPhone buyback program.

Apple to launch new iPhone upgrade promotion on May 8Apple to launch new iPhone upgrade promotion on May 8

Apple expects the promotion to drive significant traffic into its stores, according to 9to5 Mac, with numbers inline with new product launches.

The upgrade promotion follows the company's second fiscal quarter earnings report where it announced a record breaking 43.7 million iPhones sold, beating the 38 million analysts expected.

With iPhone sales climbing in many markets -- Japan, for example, saw a 50 percent increase year over year -- Apple is likely looking to keep sales from dipping and to get more iPhone 5C and iPhone 5S units into customer's hands.

Apple hasn't confirmed the upgrade promotion yet, but will likely do so this Thursday when it sends emails urging customers to visit its retail stores to buy a new iPhone.

[Updated to show the reported promotion is set to start on Thursday]