phoneArena is reporting that the latest incarnation of Verizon's Chocolate series, the clamshell Chocolate 3, will be available on July 14. It's said that the phone will run $129 on a two-year contract after the redemption of a $50 rebate -- not exactly cheap, but where else are you going to find a Verizon phone with an FM transmitter in baby blue? That's what we thought.

*Verizon is currently in the process of acquiring AOL, Engadget's parent company. However, Engadget maintains full editorial control, and Verizon will have to pry it from our cold, dead hands.

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