According to reliable analyst Ming-Chi Kuo, the iPhone SE 2 could arrive as soon as next year and could be just as powerful as the recent iPhone 11 and 11 Pro, with the same A13 chip.
It would be a successor to 2016's popular iPhone SE, which cost just £359.
Meanwhile, Kuo recently claimed that iPhones could look to the past for their future designs.
It's said that the tech giant's 2020 devices could feature a metal frame design in a similar way to the one used for the iPhone 4 in 2010.
He claimed the the handsets' "metal frame surface will be changed to a similar design to the iPhone 4, replacing the current surface design".
The 2010 models had a more square-edged design than their successors, with the 2018 iPad Pro seeing Apple give this design another spin.
However, Kuo's research note suggested the phone - which should support 5G - would still use glass with a slight curve on the front and rear.
It's not known if the new take on the design will offer a solid solution to the antenna controversy which saw people losing reception by holding the device incorrectly.
However, Kuo suggested the metal frame will be designed in such a way as to minimise any impact the metal could have on the high-frequency transmission.
He previously claimed next year's phones will have an all-new design.
The current form has remained fairly consistent since the 2017 release of the iPhone X.