Apple is reportedly considering releasing both a new, bigger version of the iPhone as well as a cheaper version in a variety of colors, as it looks to compete with rival Samsung.
Reuters reports the changes to the phone are still being discussed as Apple faces rising pressure in the smartphone market from the South Korean company.
The two new, bigger iPhones being floated would have a 4.7-inch screen and a 5.7-inch screen, respectively. The iPhone 5 was the first to veer away from the phone's old 3.5-inch screen, but is still small compared to other phones on the market.
If it does so, Apple would venture into what is increasingly called the "phablet" market: chunkier smartphones not quite big enough to qualify as tablets.
Sources also tell Reuters Apple is expected to launch two new models this year, widely referred to as the iPhone 5S. One will feature new fingerprint technology and the other will be a cheaper version in plastic casing.
Apple plans to dress up the cheaper phone in a range of colors to differentiate it from the more expensive model that has traditionally come only in black and white. This model may be sold for as low as $99.00, the sources say.
Reuters contributed to this report