While there is still a big persistent doubt as to whether the new iPhone from Apple will be called the iPhone 5S or iPhone 6, rumors about the potential release date of the device are already making rounds.

Per reports, the next iPhone from Apple is expected to be made official this year in June, although it is still not clear if the device will be called iPhone 5S or iPhone 6. It could also happen that Apple decides to release both a budget iPhone and a premium model of the device.

Only recently, Jefferies analyst Peter Misek made it clear to investors that Apple is "currently testing two new iPhone prototypes." While one of them was named as the 'iPhone 5S,' the other was suggested as the rumored cheaper iPhone smartphone.

Misek also stated that that the budget iPhone would be available at a comparatively low-cost and would be similar to the iPad Mini in its execution. He also stressed on the fact that it would probably arrive with a polycarbonate case with a 4-inch non-Retina display.4G capability would also be missing from the device.

"It's really nothing we haven't already heard. The first rumors of the iPhone 6 release leaned toward a spring launch, but given that we're already into February, it's extremely unlikely. Others have guessed that Apple will wait until sometime this fall (stating October as the likeliest possibility) to launch the next iPhone," Know Your Cell states. "Summer has also been an option from the start, and perhaps now the most logical."

A different iLounge report states that an unconfirmed cheaper iPhone made with plastic and other cheaper materials will ship this year. The report also made it clear that the cheaper iPhone is set to be a "cross between the iPhone 5, fifth-generation iPod touch and the iPod Classic."

What this means is the Cupertino-based company will merge its materials to develop a cheaper phone, although maintaining the usual attractive design that fans and users have become so much used to over the years.

Although it is yet to be seen if the iPhone 6 will actually be cheaper than its costly counterparts, it could still turn out to be quite a smart move by the company. "Apple may very well need to begin offering less expensive versions of its handset if it hopes to keep the traction it recently gained in smartphone sales against its biggest rival Samsung," Know Your Cell adds.