Apple has confirmed that it is holding an event on Sept. 10, sending out media invites for what is widely expected to bring the launch of at least one new iPhone model.

The event will be held on the Apple campus, starting at 1 p.m., ET, and will present a key moment for Apple to fight back growing concern that it is losing its innovative touch, nearly two years after the death of its iconic co-founder and chief executive, Steve Jobs.

The company’s smartphone is just about due for its annual refresh, but analysts are expecting that the firm may have at least one extra surprise up its sleeve in the form of a cheaper iPhone aimed at more price-conscious consumers.

The “iPhone 5C”, as alleged leaks have reported, could come in multiple colors, much like Apple’s iPod Touch line. The phone is also expected to use the same processor chip as the current iPhone 5 and have the same size screen.

Apple is also expected to offer a new color — a sort of champagne-tinted light gold -- for its upgraded iPhone 5, nicknamed the “iPhone 5S” in keeping with Apple’s product naming habits. 9 to5 Mac has also reported, that some developers have spotted references to a fingerprint scanner on the iPhone, which could be located in the home button, in preview builds of the company’s next mobile operating system.

As for the internals, Business Insider reported that the phone could sport a larger battery and faster processor than its predecessor, while keeping the same specifications for its outside case. With the iPhone 5 launch last year, Apple made its first major change to the device’s overall form, by bumping the screen up from 3.5 inches on the diagonal to 4 inches. The change gave Apple the real estate for another row of apps on the home screen and also — at least in part — nodded to the trend toward the larger-screened “phablets” taking over the rest of the industry.

Given Apple’s track record on smartphone development, the “5S” probably won’t sport a major external revamp. But that doesn’t mean it won’t have new features to tempt those looking for an upgrade, particularly when it comes to software.

For proof, look no further than the company’s iPhone 4S, which was the first phone to include Apple’s Siri personal assistant software and has gone on to become one of the best-selling devices in Apple’s history.