Apple will sell its one billionth iPhone sometime this week, if it hasn't already done so. That's according to a new report from Wall Street analysts.

The analysts tell the Financial Times that they anticipate Apple to report sales of 40 million iPhones during its third-quarter earnings report due out Tuesday. That would mean that Apple has sold a grand total of 987 million iPhones since June 29th 2007. Apple's total iPhone sales are expected to reach about 1 billion units by the end of this month.

However, the milestone tally comes on the back of slumping iPhone sales, especially in the Chinese market. Apple was due to release its third quarter results at the end of trade Tuesday eastern standard time.