The upcoming 5.5-inch iPhone 6 model could be the only version to feature a 128GB model.
The Chinese website WeiFeng reports that Apple will not release the upcoming 4.7-inch version with that amount of internal memory. The site claims that this will add to the experience of the larger model by giving the phablet sized version plenty of space to store videos, music and photos.
Some of Apple's current iPad models can hold up to 128GB.
Other rumors point to the company releasing the 4.7-inch model in 32GB and 64GB variants eliminating the 16GB version altogether. This will differ from Apple's normal strategy of launching devices with three different memory capacities.
The iPhone 6 release date is scheduled for Sept. 19, according to a new report.
Chinese web portal Tencent claims that Apple will launch the 4.7-inch model on that Friday and also revealed other information on the device's price and memory capacity. There will be a 32GB and 64GB version of the phone and the former will sell for $846 while the latter will cost $1008. These prices are derived from their yuan value.
The first images of what could be the 4.7-inch and 5.5-inch iPhone models were posted up on Twitter by tech insider Sonny Dickson earlier this month.
The pictures show both devices side by side, and from front and back angles. The phones in the images seem to support many of the recent rumors regarding the handset as they include the much talked about rounded edges and larger form factors.
Apple's normal release schedule usually leads to a fall launch for its flagship smartphone. It is unclear if the 4.7- and 5.5-inch models will launch at the same time as some insiders point to the larger version hitting stores in the beginning of 2015.