Apple may release two iPhones this year but it's not the iPhone 6 and 5S but the latter and "iPhone Light".

Apple-centric website Apple Insider published some purported photos of the alleged iPhone Light and iPhone 5S. Based on the report, the iPhone Light is the rumoured low cost handset that the company will release for emerging markets.

iPhone Light and iPhone 5S are expected to resemble the design of the current iPhone 5 with the same 4-inch screen, home button, and FaceTime camera on the front of the device. The schematics show a low-cost iPhone that would be a hair wider and taller than the "iPhone 5S."

Aside from those design tweaks, the "iPhone Lite" is shown to have the same general design as previous iPhone models. On the bottom is space for the headphone jack, microphone input, Lightning connector, and speaker output. Up top is a lock button, while volume controls would be on the left side.

However, In the D11 interview of Apple's chief Tim Cook subtly suggested that the company will not release a low cost iPhone or a phablet this year. Tim Cook stressed that Apple invests time and effort in making each phone that serves various markets rather than making a myriad of phones aim to serve specific users.

But if rumours proved to be and Apple will indeed release iPhone 5S and iPhone Light this year, previous rumour that iPhone 6 may come next year.

The next iPhone is rumoured to feature Retina or IGZO screen display, A7 quad core chip processor, iOS 7, 128GB internal storage, 13 mega-pixel camera, and longer battery life. The lack of NFC support on the iPhone 5 was one of the biggest criticisms aimed at Apple's smartphone.

Meanwhile, the cheaper iPhone 5S is rumoured to sport a plastic casing, 4-inch screen display, dual core processor and 8-megapixel camera. The smartphone is speculated to be available in five to six different colors.

Both Apple smartphones are rumoured to include a fingerprint sensor technology for added security. The rumour is strengthened by the report that Apple bought a fingerprint technology firm Authentec last year.

It is initially reported that the new iPhones will be launched in June along with the upgraded iOS. However, other reports stated that the devices will make its debut in September.

The Apple chief Tim Cook also dropped several hints that the upcoming iPhone 6 and 5S will be released later this year. Cook said that no new products are to launch before the end of the year.