Apple's long-awaited deal with carrier China Mobile is finally happening, according to a Wall Street Journal report.
Apple already has relationships with two smaller networks in the country, China Unicom and China Telecom.
China Mobile is the world's largest network carrier, with about 700 million subscribers.
According to Alex Gauna, senior research analyst at JMP Securities, 15 percent of Apple sales come from China. Without the China Mobile deal, Gauna is already assuming a 25-million iPhone contribution from China for this fiscal year.
In other Apple news, activist investor Carl Icahn has filed a shareholder proposal with the company to share more of its cash pile, although less than he originally sought. Icahn suggested a $50 billion share buyback versus his previous request of $150 billion.
—By CNBC's Christina Medici Scolaro.