"If the press writes something long enough and hard enough, it eventually comes true," Verizon President Lowell McAdam said.
"We're bringing the fruit of our labor with a giant partner, and that's Apple."
Existing Verizon customers will be able to pre-order the phone beginning Feb. 3. The phone will launch in Apple, Verizon stores and online Feb. 10, according to Verizon Wireless CEO Dan Mead.
Verizon customers eligible for "new every two" upgrades will be able to use those upgrade credits toward an iPhone.
The Verizon iPhone is a modified version of Apple's iPhone 4, adapted to run on Verizon's CDMA network, according to CNNMoney.
With a two-year contract, the Verizon iPhone will be $199 for a 16 GB device and $299 for the 32 GB version, the same prices AT&T offers.
By relying on Verizon's older 3G CDMA network, instead of its 4G LTE network, experts say Verizon's iPhone will have a few shortcomings such as customers won't be able to chat on the phone and surf the web simultaneously, as they can on AT&T's iPhone.
But, Verizon's iPhone will have one new feature AT&T's version lacks, which is the built-in ability to use it as a wireless hotspot and connect up to five additional devices.
"We have a tremendous 3G network, the best in the country, and we want customers to be able to take advantage," Mead said. "This was the best thing to do, at this time, for our customers."
Apple COO Tim Cook mentioned the deal is not exclusive. That means the CDMA iPhone could eventually come to other carriers who also rely on CDMA networks, like Sprint.