If you're looking for a great deal on an AT&T or Verizon no-contract smartphone, Best Buy has you covered. The retailer is offering the HTC One M7 for $149.99.

HTC will kick off Mobile World Congress by announcing its rumored HTC One M9 and One M9 Plus at a press event scheduled for March 1. The smartphones will become the latest flagship handsets for the company, which also means consumers should expect HTC's current smartphones to get significant price breaks.

In December, we reported that Amazon offered the Verizon HTC One M8 for a penny during its 12 Days of Deals Sale when signing a new 2-year contract. We have just come across a sweet deal on an HTC smartphone that's being offered at a great savings and doesn't require the dreaded 2-year contract.

Best Buy is now selling the no-contract AT&T and Verizon HTC One M7 for $149.99 with free shipping or in-store pickup. The smartphone ships with Android 4.3 Jelly Bean but has already been confirmed to receive a free update to Android 5.0 Lollipop and we've already seen a video showing how Google's latest mobile OS runs on the smartphone.

The HTC One M7 features an aluminum unibody case and 4.7-inch 1920 x 1080 Full HD Super LCD 3 display with a pixel density of 469 pixels per inch (ppi). The smartphone is powered by a 1.7 GHz quad-core Qualcomm Snapdragon 600 processor, Adreno 320 GPU (graphics processing unit), and 2 GB of RAM.

 The One M7 includes a 4-megapixel UltraPixel rear camera with OIS (optical image stabilization), 1080p video recording, and 2.1-megapixel front-facing camera for video chat. It includes 32 GB of internal storage and its 2,300 mAh battery will provide up to 18 hours of talk time.

If you're interested in picking up the Verizon or AT&T HTC One M7 no-contract smartphone for $149.99, head over to Best Buy. We'll keep you posted on when you can expect to receive Android 5.0 Lollipop.