If latest rumors are to be believed, instead of launching two new handsets this year, Apple Inc. will possibly do what it did with the fifth-gen iPhone - release three versions of the upcoming edition of the device.

Recently, China-based Digitimes quoted Technews saying that a tech component supplier AU Optronics (AUO) has entered into a deal with the Cupertino-based tech titan to supply panels for the next iPhone. According to reports, AUO may also provide Apple with three different iPhone panel versions - measuring 4.7 inches, 5.5 inches and 4 inches.

Quoting these reports, Christian Today said that Apple continues to be in search of other additional panel suppliers for its existing iPhones as well as the future models. The latest move by the tech company may be an indication that it is ramping up production in preparation of the next iPhone's release.

Nevertheless, it is still not clear if the next 4-inch iPhone will actually be the seventh model of the iPhone, or it will be just an updated version of the existing iPhone 6. In the past, Apple has released several updated versions of its iPhones - the practice actually began with the iPhone 4s. However, its successor came in three versions - the original iPhone 5, in addition to the updated 5s and 5c versions. On the other hand, the current flagship iPhone 6, is accompanied by the bigger iPhone 6 Plus.

According to some reports, rather than coming out with the new iPhone 7, Apple may possibly release an updated version of the iPhone 6 and 6 Plus. These reports claim that the Cupertino tech titan may come out with a C version. If this comes true, the upcoming 6s and 6s Plus will be powered by the company's latest A9 chipset, while the 4-inch iPhone 6c will be equipped with an A8 processor. In addition, the smaller iPhone is also likely to serve as the low-priced option for consumers who would want to use an Apple product without spending too much.