A new high-end, top-of-the-line iPhone featuring an OLED display and an all-new design is expected to debut later this year with a similarly premium price tag, which one report claims could start at more than a thousand dollars.

Citing a source with knowledge of Apple's plans, Fast Company reported on Wednesday that Apple's so-called "iPhone X" or "iPhone 8" is likely to be priced above $1,000.

In addition to an OLED display that is expected to encompass the entire front of the phone, the report said the handset will feature "a memory upgrade from the current iPhone 7 line." Whether that means faster memory or a new high-end 512-gigabyte capacity was not indicated.

Wednesday's report also reiterated claims that the OLED iPhone will feature a display size around 5.8 inches. However, there has been some confusion over that fact, with analyst Ming-Chi Kuo clarifying that while Apple is buying larger flexible panels to allow a curved design, only 5.1 to 5.2 inches of the display will represent the actual active area.

A $1,000-plus price tag would be the most expensive iPhone Apple has ever produced. The company's current top-of-the-line model, a 256-gigabyte iPhone 7 Plus, runs $969.

The flagship OLED iPhone is believed to celebrate the 10th anniversary of Apple's revolutionary handset. Reports have suggested the design shakeup will enable Apple to embed key features— including the FaceTime camera, earpiece and Touch ID fingerprint sensor — beneath the display, boasting a truly seamless edge-to-edge design.