Is there a trade-in iPhone 4 for iPhone 5 deal going on right now?

If there's or was what would or were the circumstances? Like would you have to terminate your current 2 year contract or something?

Added (1). But I just completed my first year of a 2 year contract, I don't think I can terminate it for free.

Apple is launching a trade in program: http://www.informationweek.com/mobility/smart-phones/apple-launches-iphone-trade-in-program/240160663
Phones currently under contracts do not qualify though.
I would recommend going to your provider and negotiating an early upgrade.