Perhaps Apple is feeling the blow from Samsung and how it is spamming the market with a huge range of smartphones of different price, size and specs etc. According to reliable sources, Apple currently has several projects in hand with regards to the iPhone- an affordable iPhone, a larger iPhone and ofcourse, the next generation iPhone that might be called the iPhone 5s.
These rumours are not new about the cheaper iPhone. According to Reuters, there will be lot of color options and will retail $99 to $149. While regular iPhones are manufactured by Foxconn, via low-cost iPhone will be assemble by Pegatron.
Apple is also reported to be working on a larger option with screen size of 4.7 inch or 5.7 inch. Reuters also mentioned that an iPhone 5S is due for a release later this year and will include a fingerprint sensor.