Apple is rumored to be working on a cheaper iPhone.

The Wall Street Journal has more: “While Apple has explored such a device for years, the plan is progressing and a less expensive version of its flagship device could launch later this year, one of the people said. The cheaper phone could resemble the standard iPhone, with a different, less-expensive body, one of the people said.”

Apple and its mobile carrier partners carry the iPhone 5 for $199 (16GB edition), which requires a two-year carrier contract. Consumers can get an older model iPhone with a contract for as little as $.99 from the carriers.

At this point, the story is just a rumor. And not every Apple rumor came true last year.