Rumors have been propagating through several popular Mac blogs that Apple will be releasing a red iPhone 3G model for the holiday season. The release will be well-timed, considering the initial iPhone hype will start to slow, and people will be opening up their wallets more for the holiday season. (Photo via MacBlogz)

The red iPhone will presumably be sold as part of the (PRODUCT) RED campaign, a charitable organization that donates money to the Global Fund to fight AIDS in Africa. Apple has released several products for this campaign previously, including (PRODUCT) RED iTunes gift cards, a red 8GB iPod Nano, and a red 1GB iPod Shuffle.

Read more about (PRODUCT) RED and the iPhone 3G at CrunchGear, including an extensive review of the iPhone 3G .