The device will reportedly be launched at Apple's first event of 2020.
Although the company must still confirm the date for the event, 31 March lines up with Apple's two previous Spring events – both of which took place in the last week of March 2018 and 2019.
Previous rumours suggest that the device will either be called the iPhone 9 or iPhone SE 2. However, according to an inside source of tech YouTuber Jon Possner, the new smartphone will simply be called the iPhone.
Possner's source also said that a 64GB version will be priced at $399 (R6,000), while the 128GB unit will carry a price tag of $450 (R6,800).
The device will reportedly go on sale the Friday after the launch – which is likely to be the 3rd of April.
Apple is expected to reveal its new iPad Pro at the same event.
Expected specifications
Although the company has not officially revealed any details about the new budget iPhone, multiple reports have speculated about its expected build and specifications.
The device will reportedly sport the same form factor as the iPhone 8 including a 4.7-inch LCD display and the iPhone's old Home button.
In terms of performance, all indications are that Apple will employ its Apple A13 Bionic chip, although analysts differ on whether this will be paired with 3GB or 4GB RAM.
Colour options are expected to be space grey, silver and red.
Changes coming to iOS
The rumours of Apple's next event follow a report last week about big changes coming to the company's mobile operating system.
Sources told Bloomberg that the company was considering the option to allow users to set non-Apple apps as their default choices.
For example, iPhone owners could set Google services such as Chrome and Gmail as their default apps instead of Apple's Safari and Mail apps.
This would be the first time since launching the App Store in 2008 that Apple would allow users to replace pre-installed Apple apps with third-party alternatives.
