Can you upgrade from an iphone 4s to iphone 5?

A year ago i got the iphone 4s from verizon, it has only been a year since my contract (2 years full). I was wondering if it were possible to upgrade to an iphone 5 and what will it cost aprox. Or do i have to wait another year

You will need to pay full price for the 5 $699-$799 or wait a year and get it for $199