A new report confirms that both LG Display and the panel-making unit of Samsung Electronics will be the suppliers of flexible organic light emitting diode (OLED) screens for Apple's upcoming iPhones. The report comes after speculation that Apple will start using the next-generation technology in its phones. Rival Samsung has already been using OLEDs in some of its high-end models.

LG and Samsung Display are close to a final agreement with Apple for the screens, an Electronic Times report said, adding the two Korean firms plan a combined 15 trillion won ($12.8 billion) in capital expenditure to build up OLED production capacity over the next two to three years.

Apple will likely provide some funding to both firms to help with the investments, the paper added.