Update (July 2nd): Yep. Runs until September 6th. $100 card with Macs, $50 with iPad/iPhone.

Apple will likely begin its annual Back to School promotion this week (perhaps as soon as tomorrow), according to Apple retail sources. The promotion will give eligible students an iTunes/App Store gift card with the purchase of a Mac, iPad, and for the first time, an iPhone. The gift cards that come with Mac purchases will be worth 100$ while the cards accompanying the iOS Devices will be worth $50…

Apple will market these gift cards as credit for purchasing educational-centric apps, but, like an iTunes card, will work across the board for any media from the iTunes Store, App Stores, and iBookstore.

Apple held a similar promotion last year, but this year will be different because of the promotion’s application to iPhone purchases. Last year’s promotion ran from mid-June until mid September, but with this year’s promotion starting slightly later in the year, perhaps it will consequently run until a little later in the year as well. Apple’s Back to School promotions used to include a free iPod, but the company moved away from this strategy beginning with its 2011 Back to School promotion.

We also understand that Apple Retail Stores across the country will be dressing up the store displays and front glass windows with materials to promote the Back to School sale. Some stores will be placing the new signage up tonight for debut as soon as tomorrow, while others will be placing up the new art later this week.

Earlier this year, Apple dropped the price of its entry-level 13-inch MacBook Pro for education customers, and we are told Apple will be heavily promoting this laptop for its new student-focused promotion.

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