The iPad Mini was once a product of conjecture, though soon became very real, with Apple launching the 7.9-inch tablet to appease consumers on a lower budget while competing with the likes of Amazon's Kindle Fire line.
Apple is now thought to be working on a low end iPhone, which is expected to be priced at between $99 to $149, according to Bloomberg. Cheaper components like plastic are thought to be used in order to achieve the price cut, rather than costly metal and glass materials.
It is likely that this is the same device referred to as the iPhone Mini on Reuters yesterday.
If true, the move would see the firm branch away from its traditional $500+ handsets, while the entry-level device could be released in late 2013, which has become the usual time Apple chooses to launch new products.
Sister site ME has the full story.