The iPhone 7 chips will reportedly be provided by Samsung from 2015.
The Korea Economic Daily reports that Samsung has signed a deal with Apple to supply it with the next-generation mobile application processor (AP) - the "brain" of the iPhone.
Samsung previously supplied the AP to Apple since 2007, but lost the contract to supply 20 nano AP A8 chips to Apple to Taiwain's TSMC last year, following patent disputes between Apple and Samsung.
According to industry sources, the iPhone 7 will hit shelves in the second half of 2015.
It's worth taking the news with a hefty lump of salt, considering the iPhone 6 has not even launched yet.
Earlier this month Samsung overtook the Apple iPhone in terms of smartphone web traffic.