It's been a long time coming, the new iPhone. Ever since the last release, speculations as to what the new phone will look like have been widely circulating. Today, Reuters reports that Apple is considering a 5.7-inch iPhone. Since this information comes from Reuters, it's likely to be right on target. Curious about the next iPhone installment? Here's what else Reuters has to say today.

New iPhone Sizes

The aforementioned Reuters report states that Apple is considering launching two different iPhone sizes next year. The first size is the 5.7-inch iPhone, and the second size would be a 4.7-inch option. These larger phones would be released later this year, if the Reuters report is correct.

Reuters claims to have received details about the new iPhones under construction directly from Apple. But, the report is also careful to state that Apple is simply considering the new iPhone options. Should Apple go ahead with these plans, the newest iPhones will also be much more affordable than previous versions.

New iPhone Pricing Details

Not only will Apple be working on iPhones that are larger in size, but the company may be offering the newest iPhones at a much lower price. The Reuters report mentioned above quotes a $99 phone price. Whether or not this price is with contract is not clear, but I'm going to assume that this price comes with a contract attached.

Apple may also be working on an array of colors for the newest iPhone models. Instead of just white and black, new iPhones may come in many different colors. This news is exciting, since Apple is great at dipping iPods in various candy colored coatings - new iPhones that pop with color are sure to please a number of consumers.

A Third Phone?

It has also been stated that Apple is currently working on an iPhone 5S. This phone may come with a fingerprint sensor that could unlock the locked iPhone screen. Reuter's sources state that Apple has already asked Foxcon to start work on the iPhone 5S, and the newer, longer, cheaper, phones will be manufactured by Pegatron.

What should you do if you have an older iPhone model? If you're like me, you're hanging onto that older model simply because you didn't dig the iPhone 5...and you're hoping for something better. I'm going to venture a guess that the newest iPhones will hit markets around November, so you may want to hang tight until those phones are officially announced.

The Waiting Game

Since Apple hasn't directly commented on these rumors, it's hard to state whether or not the new iPhones will be worth waiting for. But, it's better to wait for a new release than to purchase something you're not entirely thrilled about, right? Plus, the newer iPhones may come with a much lower price point, and that's appealing for many reasons.

Apple always announces the company's new products in a big way, so I'll keep you posted on any upcoming Apple events. For now, this is all rumor - but it's rumor based on reliable sources, and that's something to think about.