Apple CEO Tim Cook (L) takes a picture with David Casarez (R) who just purchased the new iPhone X at an Apple Store on November 3, 2017 in Palo Alto, California.

The most affordable new iPhone that Apple announces on Wednesday might be named the iPhone Xr, according to Bloomberg.

Analysts have long suggested Apple will announce three new models during the event, including one iPhone with the same 5.8-inch display as the current iPhone X, a larger model with a 6.5-inch OLED display and a more affordable iPhone with a 6.1-inch LCD screen. The 6.1-inch model would represent the first time Apple names an iPhone upgrade with "R" instead of "S."

9to5Mac said earlier this month that Apple will likely name the 5.8-inch and 6.5-inch models the iPhone Xs and iPhone Xs Max, respectively. It wasn't clear until Monday's Bloomberg report what Apple was considering for the third model.

Some earlier reports had suggested that Apple would call the more affordable model the iPhone Xc, since it follows Apple's traditional naming mechanism set with the iPhone 5c launched in 2013.

Apple is expected to introduce new Macs, new iPad Pros, a new Apple Watch and more on Wednesday.

Read the full report on Bloomberg.