iPhone 8 and iPhone 8 Plus. Credit: Apple

If you want a new iPhone but find the latest lineup too pricey, Apple may have a surprise in store for you.

The Cupertino, California-based company is reportedly working on a new low-cost iPhone—potentially a nod to the iPhone SE—and it could come out as early as March, according to a report from Bloomberg.

The publication, citing people familiar with Apple's product launches, reported that the smartphone will look similar to the iPhone 8, which came out in 2017 and had a single camera on the back. It will also include a 4.7-inch touchscreen.

The iPhone 8 is still on the market selling for $449. Apple's first budget iPhone SE cost $399 when it came out in 2016.

Like the iPhone 11 lineup, the upcoming product release is said to be powered by Apple's A13 Bionic processor, Bloomberg reports. But unlike Apple's latest smartphones, the cheaper iPhone will reportedly house a home button with Touch ID built-in. The smartphone won't include Face ID, said the report.

It's not clear whether it will be referred to as the iPhone SE 2, but adding other low-cost smartphones to its lineup will help Apple spread its reach across developing countries where low-cost Androids are ubiquitous.

Apple doesn't respond to rumors about its product releases.

Bloomberg also said the big tech company asked its partners to increase their production of its A-series processors due to the strong demand for the iPhone 11. The production ramp up could also be because Apple has another phone in the works.

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