Apple's new iPhone, which is similar in size and shape to its current one, could be launched this summer.
The first set of reports came from The Wall Street Journal, which wrote that Apple is set to begin production on the next iPhone this quarter (or spring).
According to ABC News, the same report said that Apple is also working on a 'less expensive' iPhone that might be launched in the second half of the year.
The cheaper phone is said to have the same size 4-inch screen as the iPhone 5, but a different casing that could come in a number of colors.
Apple has been rumored to have been working on an affordable version of its iPhone for a number of months now. Apple declined to reveal its plans when reached for comments.
Apple CEO Tim Cook addressed the idea of a cheaper iPhone while speaking at the Goldman Sachs conference in February.
According to the report, the iPhone 5 was released in September 2012 along with iOS 6, the latest version of Apple's software for its phone and iPad.
Many expect the next version of the iPhone to be called the iPhone 5S, following the naming structure Apple has historically used for its phones, the report added. (ANI)