Meanwhile, a separate report -- -- indicated Sprint has agreed to pay Apple $20 billion for 30.5 million iPhones over four years.

The two reports together might make some sense, given Sprint's desperation to get an iPhone to sell for the first time, according to several analysts.

But they don't expect Sprint to do well with an iPhone running on Wimax, partly because Wimax on smartphones is losing steam in the U.S. Sprint is also expected to launch its own LTE 4G initiative next year in recognition of Wimax's waning value.

"Until Sprint gets LTE, it has an inferior network experience compared to Verizon and AT&T," which have both launched LTE networks, said Jack Gold, an analyst at J. Gold Associates.

"I don't think an iPhone 5 on Wimax for Sprint makes sense," Gold said. "I don't know why Apple would put out a Wimax phone when it won't play in many other markets in the world. At this point, Wimax is pretty much a lost cause in the U.S. for smartphones. I can't see Sprint going anywhere with Wimax as a competitive threat."