According to the report, Apple has been considering the possibility of a low-cost iPhone, dubbed iPhone mini, since at least 2009, but that the plan has progressed enough for the company to launch a cheaper iPhone in 2013.
WSJ's sources claim that the cheaper iPhone could look similar to the standard iPhone model, but with a less expensive body.
This is not the first speculation we've heard about a possible cheaper iPhone. Previous reports have suggested that the iPhone could be smaller than Apple's current models, and this device has been dubbed the iPhone mini. SEE: iPhone mini release date, rumours and leaked images
But a separate report this week from Taiwanese site DigiTimes suggests that the cheaper iPhone will actually be larger than the iPhone 5, indicating that Apple could also be considering a 5in screen size for the iPhone 6. DigiTimes' sources also said that the low-priced iPhone will have a brand new exterior design.