Apple will reportedly begin production of iPhone 5S this summer and will be joined by a cheaper version of the smartphone in order to increase the company's marektshare. The Wall Street Journal reported the news on Wednesday, and Apple of course refused to comment.

Rumors about both devices have been flying around since the end of 2012. Previous stories also suggested the next iPhone would be an incremental update of the existing flagship, but that it would be joined by a cheaper model aimed at emerging markets.

In addition, a patent that could be related to a future iPhone device surfaced online last week, showing a device with a foldable AMOLED display .