Rumor mill: In addition to being more affordable, the new model could also be an attractive option for consumers that simply don't like the aesthetic direction that Apple has taken its latest flagships. Granted, we won't know what the new iPhones look like until next week but based on leaks, it's safe to say that not everyone is going to approve of that rear camera array.

Apple is reportedly preparing to launch a lower-cost iPhone in the spring of 2020 to help win over customers in emerging markets. The move could potentially provide a boost to declining iPhone sales as well.

Up to this point, Apple has countered lagging iPhone sales with improved performance in its services and wearables divisions. But addressing the matter directly with a cheaper iPhone could be the best course of action.

Sources familiar with the matter told the Nikkei Asian Review that Apple hasn't yet settled on a name or price point for the new model but that it is being viewed as the latest generation of the iPhone SE.

That handset, if you recall, was introduced in early 2016 and featured the guts of an iPhone 6S in the body of an iPhone 5S.

Those familiar with the new iPhone said it will be similar to the 4.7-inch iPhone 8 that Apple shipped in 2017 but will feature internal hardware from this year's flagship iPhones. It'll also feature a cheaper LCD screen to help keep the cost down.

Masthead credit: iPhone 8 by franz12. iPhone SE by George Dolgikh