At a press conference in New York City, Verizon CEO Lowell MacAdam announced that the iPhone 4 will be available on Verizon’s network starting in February 2011.

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A 16GB version of the iPhone 4 will cost $200, with a contract. The Apple’s smartphone will launch on Verizon on February 10th of this year.

“We’ve been looking forward to today for a long time,” said Apple COO Steve Cook, who joined MacAdam onstage, according to Engadget.

MacAdam said, “Our relationship with Apple has developed over the last two years. In 2008 we started talking about bringing the iPhone to a CDMA network. We spent a year testing.”