If Apple launches a cheaper iPhone, it could compete with Android. (Paul Sakuma/AP)

Citing a source that has been reliable in the past, the report says Apple will introduce both a revamped iPhone 5 and a low-price iPhone that could work with prepaid networks.

The site’s Seth Weintraub is quick to point out that Apple already has two models of the iPhone on the market — the 3GS and the iPhone 4 — but writes that he believes the cheaper phone won’t simply be the iPhone 4 with slashed pricetag. The cheaper model, he thinks, could look more like the iPod Touch, which is also expected to get a refresh this fall.

Apple COO Tim Cook said that the company is looking closely at the prepaid market and wants to make the iPhone more accessible, so it’s clear that Apple is thinking about a move like this.

Whether it happens in September or not is a different question entirely.

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