The iPhone 5S release will happen in June and the cheaper iPhone model will arrive in September, according to a new report by Piper Jaffray analyst Gene Munster.
He believes Apple will launch the iPhone 5S with some incremental upgrades including a faster processor, a better camera, and an NFC chip which will usher in a new digital wallet software developed by the company.
The device might also come with a biometric security feature, but Munster stated that this would more likely be included in the iPhone 6.
Another lower cost iPhone will arrive in September, according to Munster.
"We continue to believe Apple will have a cheaper phone product to address the emerging markets. In recent public comments, Tim Cook noted that the original iPod cost $399 and eventually the company released a $49 iPod Shuffle which addressed a broader market," he said. "We believe Apple will likely introduce a cheaper device in the September quarter."
A picture of what could be the home button for the iPhone 5S leaked onto the internet last week.
The picture was posted by a Japanese vendor known as Moumantai. The home button in the picture is very similar to the one used on the iPhone 5 with the main difference being the flex cable used to connect the main logic board. The cable on the iPhone 5S is much longer than the version found on the iPhone 5. It is also routed differently through the device's body, according to 9to5Mac.
Apple's rumored fingerprint sensor for the iPhone 5S is expected to be located somewhere around the home button. However, this part seems to be incompatible with a fingerprint sensor in that area.
The site also leaked another image of what is believed to be the vibrator and flex for the iPhone 5S. The image shows the vibrator attached to the flex cable which appears to support the volume buttons and mute switch on the side of the device. This cable is more compact than the version found on the iPhone 5.