Cupertino is rumoured to be finalising plans to begin production of the iPhone 5S, the newest addition to Apple's flagship smartphone range.
The Wall Street Journal reports that Apple is begin work on a new device, which would likely be a refreshed model of the current iPhone 5, similar in both size and shape.
Whilst it's no secret that Apple is working on the next iPhone behind the scenes, the firm is traditionally remaining tight-lipped over the device.
However, this latest report indicates that the next iPhone could appear by as early as this summer.
The timing would make sense as Apple will no doubt be looking to compete with Samsung's recently released Galaxy S 4 with a device of its own.
A mid-year release of the iPhone 5S would also pave the way for the long-rumoured budget iPhone to make an appearance towards the end of the year.
Despite initially dismissing the claims, Apple is reportedly working closely with Asian manufacturing partners on a budget iPhone, which is likely to appear in the second half of the year.
Whilst little is known of the device as of right now, the budget iPhone is widely believed to feature a four-inch screen and a different casting from other iPhones, which would work to reduce costs and offer a variety of coloured shells.
Apple image from nui7711/Shutterstock