Apple working on cheaper iPhone for launch this year, says WSJ

WSJ cites 'people briefed on the matter' in its report, claiming that the cheaper iPhone will represent "a big shift in corporate strategy as its supremacy in smartphones has slipped."

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.