Roughly a week ago the AT&T version of the LG Optimus One handset was announced, the LG Phoenix, but it appears that the Android smartphone can already be gained for an extremely low price on contract from Amazon.

According to an article over on Unwired View by way of Android Central, Amazon is now offering the LG Phoenix for a single cent; however it’s obviously not as simple as shelling out a penny and getting the Android handset.

To gain the LG Phoenix for a cent you will be required to sign up for a term of 2 years with AT&T, but if you go with AT&T they offer the same deal but for $49.99, so at least opting to go with Amazon you’ll save yourself a bit of cash.

Spec wise, the LG Phoenix offers a 3.2-inch HVGA touch screen, 3.2 megapixel camera, runs Android 2.2 Froyo OS, 600 Mhz processor, GPS, WiFi, microSD expansion, 3.5mm jack and pre-installed 2GB card, not bad for a cent is it.