Apple is widely rumored to be working on a 4.7-inch low-cost iPhone that resembles the iPhone 8, but code found in a leaked version of iOS 14 suggests that Apple could also release a larger 5.5-inch version of the new low-cost iPhone.

The current iPhone 8 and 8 Plus, which will be replaced by new low-cost options that with the same design

In a report that refers to the new 4.7-inch iPhone as the "iPhone 9," 9to5Mac suggests that Apple is also working on a 5.5-inch "iPhone 9 Plus" that would be sold alongside it. There is no word yet on what these iPhones will be called, and other rumors have referred to this low-cost device as the "iPhone SE 2."

These new 4.7 and 5.5-inch iPhones will replace the current 4.7 and 5.5-inch iPhone 8 and iPhone 8 Plus, and will be similar to the existing devices with an LCD display, thick bezels, and Touch ID Home button.

Multiple past rumors have indicated that though the new low-cost iPhone will have a design similar to the iPhone 8, it will feature the same A13 processor used in Apple's current iPhone 11, 11 Pro, and 11 Pro Max. We can expect the rumored 5.5-inch version to have the same upgraded processor.

We've also heard that Apple is planning to sell the 4.7-inch low-cost iPhone for $399, and if that's the case, the 5.5-inch version could be priced accordingly at $499. Apple was said to be planning to release the new low-cost iPhone option in the first half of 2020, perhaps as early as March, but it is not clear how the coronavirus outbreak has affected the company's plans.

It's worth noting that there has been no prior mention of a 5.5-inch low-cost iPhone to be sold alongside the 4.7-inch iPhone that we've seen rumored time and time again, so Apple's plans here are not entirely clear.

We have, however, heard a rumor from reliable Apple analyst Ming-Chi Kuo who suggests Apple is working on an "iPhone SE 2 Plus" with a full-screen design and no Face ID, meaning Touch ID is built into the power button on the side. Kuo says that this model will be 5.5 or 6.1 inches and will be released in the first half of 2021.

9to5Mac's report suggests the 4.7 and 5.5-inch iPhones referenced in iOS 14 code have Touch ID Home buttons and therefore, neither one is the higher-end "plus"-sized iPhone referenced by Kuo, but there is still some confusion around these two reports.