What will it look like? What functions will it have? When will it be released? No one knows for sure yet (or if it's really happening), but here is a round-up of all the gadget gossip so far...
- It will have a plastic case (and leaked photos suggest it looks like the picture above) and a heftily reduced price tag, possibly only costing £220.
- It could be released on September 6 or September 18 or September 27 - to coincide with the launch of the Apple iPhone 5S. Either way - September is looking promising.
- Android users look out - the new budget model has been designed to target you and steer you away from your current cheap phones.
- It'll be a fatty - and is believed to have a 4" screen, be about the same size as an iPod touch with design inspiration coming from the iPhone 3GS.
- It could be available in anything from five to eight colours including green, white, yellow, red and blue - although some argue that leaked photos of the colourful covers are just Chinese fake copies, and in fact it will just be launched in white.
- High spec but low storage is thought to be the deal - as rumours suggest it could be a reworked version of the iPhone 5, running off the new new iOS 7 system and an Apple A6 processor, but that will be offset by a low storage size, and buyers will have to pay more if they want to ramp up the storage, as with other Apple products.
- It'll be completed with an 8-megapixel camera and a 1.2-megapixel front facing camera for FaceTime.
- Some think there will be several different versions to suit different budgets and the spec will be downgraded accordingly.
- Name suggestions so far include the iPhone Mini or Lite. Many are just calling it iPhone 5C.
- The iPhone 5 will be discontinued after the iPhoned 5S and fabled 5C are launched.
- Apple's Senior Vice President, Phillip Schiller, says this is all rubbish and there is no such thing being developed as Apple would rather focus on premium products.
- Unlike other iPhone models, it won't stop working properly after a year. Oh no wait, there are no confirmed reports of that. We're just trying to make a funny.
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