Apple is rumored to launch the new iPhone 5S in the fall of 2013. However, that won't just be the only surprise Apple has up its sleeve in the smartphone category this year. The Cupertino company is also believed to have a contender in the budget smartphone segment as well, with an iPhone version suitably scaled down to fit into a lower price point.

Apple chief Tim Cook also dropped several hints that the upcoming iPhone 6 and 5S will be released later this year. Cook said that no new products are to launch before the end of the year.

Cook also subtly dented rumors that the iPhone 5S could launch as early as June. "Our teams are hard at work on some amazing new hardware, software, and services that we can't wait to introduce this fall and throughout 2014."

Similar to what Apple did with the 4S version however, don't expect the 5S to be a whole lot different from the iPhone 5. Of course there will be a few goodies thrown in for good measure, which will make it somwhat better than the iPhone 5. The phone will also be seen running the company's upcoming iOS 7 operating system.

Furthermore, as Trusted Reviews points out, there will also be a choice of colors this time to make for a colorful iPhone offering that no doubt will entice more buyers. The colors, as mentioned in a report by Japanese blog Macotakara, will be navy, gold, orange, white and grey.

So far, the traditional color the iPhone has been available in is black, though a white version also appeared a few years back. This will be the first time the iPhone will be available in a multi-colored version, though it's not known for sure if the color choice if for just the budget iPhone version or for the flagship iPhone as well.

Additionally, this will be the first time Apple is seen compromising the premium tag that it has held on to with its lone iPhone offering. The budget iPhone hints of some desperation on Apple's part, in order to pick up volume and market shares it has ceded to the likes of Samsung. Samsung, which has emerged as Apple's biggest competitor also fields cheaper version of its flagship devices like the Galaxy S3 Mini and the upcoming S4 Mini.