This mockup from This is my next incorporates several reported features of a revamped iPhone 5. ( This is my next )

According to Fortune, that just may be the case. An analyst note from Deutsche Bank's Chris Whitmore told his clients to expect a cheaper, unlocked iPhone, aka the 4S, and a fully upgraded iPhone 5 in September.

As Fortune’s Philip Elmer-Dewitt notes, Whitmore doesn’t provide much in the way of concrete evidence to back up the claim, only pointing out that Nokia and Research in Motion are in a vulnerable position, setting the stage for “Apple to aggressively penetrate the mid-range smart-phone market” with a cheaper iPhone offering.

Apple COO and acting CEO Tim Cook has said that Apple is looking to make the iPhone more accessible and not “just for the rich” and is looking closely at the prepaid market.

While far from a confirmation of two-phone September launch, Whitmore’s note and Cook’s comments do show that Apple’s thinking about — and would likely succeed in — expanding its smartphone marketshare.

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