Wow, talk about a last-minute Christmas deal. Best Buy, a major electronics retailer, is hosting a ‘buy one, get one free’ sale on the 32GB iPhone 4.

It’s not being widely advertised, but folks on Best Buy’s email list have been receiving word of the promotion throughout the day. Here’s a full breakdown of the BOGO offer…

First off, and most importantly, the deal is only good for today. This is obviously an attempt by Best Buy to drive some last-minute traffic before the holiday.

The BOGO offer applies to both Verizon and AT&T 32GB iPhone 4 models, and both handsets come with two-year carrier contracts. The nice thing is that the second phone is free in-store, meaning no mail-in rebate.

If you’re interested, you better act fast! Best Buy’s doors close at 5PM today.