With WWDC nearly wrapped up for the year, interesting news is still pouring out of Cupertino, CA. According to a Reuters report, Apple is considering 4.7-inch and 5.7-inch options for two upcoming iPhones, along with several color options and a plastic cover for the larger “phablet,” adding credence to the speculations of a low-cost smartphone by the electronics giant sometime next year. The iPhone 5s release date is still targeted for the fall of this year – we have more on the iPhone 5s below.

An entry-level, low-cost iPhone has been stuck in the techie rumor mill for months as Apple is infamously reserved when it comes to shedding light on supply chain details. However, with sales softening and Samsung putting out a new gadget what seems like every day, it’s not a far cry for Apple to open up its coveted hardware and software to a greater market with shallower pockets.

Reuters’ anonymous sources are pointing to 5.7-inches , 5 to 6 colors, and a possible price tag of $99 for the lower-end handset. But, according to the article, “They constantly change product specifications almost to the final moment, so you’re not really sure whether this is the final prototype,” said a source with direct knowledge of the matter.

As for specs, very little has been disclosed on the fabled phone at this point. Screen size, colors, and casing are really all that’s been circulating at this point, though at Apple’s WWDC keynote session it unveiled their new mobile operating system iOS7 which could just as likely be included on the affordable iPhone.

A phablet (phone-tablet hybrid) device by Apple is uncharted territory having made either one or the other in its iPhone and iPad. Upgraded versions of both gadgets are expected by the end of this year, but rival electronics manufacturer Samsung has Apple’s number with this $46 billion market too boasting its Galaxy Note II phablet and best-selling 5-inch Galaxy S4, two Android-run devices that solicitors are having a hard time keeping stocked on their retail shelves.

The next-generation flagship, what’s being called the iPhone 5S, is a different story from a technical perspective. Back in March, fan site 9to5mac reported on the possibility of Apple including a fingerprint sensor as an added security measure to its next-gen device, possibly for instances such as NFC mobile payments. Though Apple responded to NFC naysayers by volleying with its iOS 7 Air Drop function at WWDC which “shows users which friends are in close proximity and makes items easy to share anything–photos, articles, documents, social media, etc.–with multiple friends at once” and is protected by encrypted peer-to-peer Wi-Fi, fingerprint recognition technology coupled with a Retina display are the only things likely to headline tis specifications until further notice.

It’s also important to keep in mind what Tim Cook said to investors during his Q1 earnings conference call at the end of April. When prompted about the possibility of new tech under the hood and screen size, he noted “Our competitors have made some significant tradeoffs in many of these areas to ship a larger display. We would not ship a larger display iPhone while these tradeoffs exist.”

Apple has kept with the tradition of launching a new iPhone every year in the fall and this year is no different. The iPhone 5S release date is targeted with this fall. The new larger iPhone screens would launch in addition to the iPhone 5S.

Whether Cook was simply throwing up a smoke screen or just telling investors and users not to get their hopes up is anyone’s best guess at this point but no matter how his message is interpreted, Apple has a lot on their plate to consider.