By Patrick Navarro ( | First Posted: Jan 13, 2016 06:00 AM EST

BERLIN, GERMANY - SEPTEMBER 20: A customer purchases new Apple iPhone 5C smartphones at the Berlin Apple Store on the first day of sales on September 20, 2013 in Berlin, Germany. The new iPhone 5S and 5C phones went on sale all over the world today and hundreds of customers waited outside the Berlin store in the rain to be among the first to buy the new phones starting at 8am. (Photo : Sean Gallup/Getty Images)

Apple is reportedly all set to unveil a four-inch smartphone, but the official name seems to be changing with each update.

Some had called it the iPhone Mini, which eventually changed to the iPhone 6c. Now, there is a new phone name in the mix, iPhone 5e.

Regardless of what its official model name would be, the good news is that Apple will be coming out with something.

The alleged iPhone 5e will reportedly take the spot of the iPhone 5s. The iPhone 5e will reportedly be an “enhanced version” and is expected to be the much talked about budget–friendly device that the Cupertino company plans to break in to the market.

It is likely that as far as Apple’s smartphone segment is concerned, the iPhone 5e will act as the filler until the iPhone 7 officially gets unveiled. It is believed that the next iPhone instalment will likely come out in September, the usual month when the company lifts the covers on its latest iPhone iteration.

Apple has slowed down production of the iPhone 6s and 6s Plus owing to a slowdown in demand. It is believed that the decline is caused by consumers opting to wait for the iPhone 7, as pointed out via Tech Times.

For those wondering, the iPhone 5e is believed to be something that will be somehow similar to the iPhone 5s and will be Apple’s new entry-level device in the market.

Among the specs of the iPhone 5e include a four-inch Retina display, a 64-bit A8 processor (though there are conflicting reports standing pat on an A9 chip) and 1 GB of RAM. Storage options could be along the lines of 16 GB or 64 GB, as hinted by Game Rant.

Aside from that, the iPhone 5e will reportedly include NFC and Touch ID (support for Apple Pay), and will be available in color variants similar to what the iPhone 6s and 6s Plus came out with.

For those who are keeping tabs of the actual dimensions that the iPhone 5e will carry, Mac Otakra bares that the device will measure about 122.90 mm x 57.63 mm. Overall, there is word that the iPhone 5e will likely resemble the mold of a sixth generation iPod Touch.

The cheaper and smaller iPhone 5e is believed to be coming out this March and will debut alongside another highly anticipated device, the Apple Watch 2.

There is no official word yet on the retail price though Mac Rumors reveals that prices could start at $500.

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