Have you been waiting for a cheaper version of the iPhone? Well it looks like you may get your wish, as the Wall Street Journal says that Apple is indeed working on a cheaper version of the iPhone, a report that echoes an earlier one from Digitimes.

The WSJ report goes on to say the smartphone will look much like the current iteration of the iPhone but will be manufactured using cheaper parts. The device may have an even larger screen than the current iPhone 5 according to the Digitimes report, and the WSJ says it could come as early as the latter part of this year. It’s worth mentioning that the WSJ in particular has a great record with the accuracy of its Apple rumors, and has posted accurate information about the iPhone 5 and iPad mini ahead of their official announcements by Apple.

Releasing a device such as this would contrast Apple’s usual product strategy. While subscribers can often find some older iPhone devices at little cost, releasing a newer, cheaper device would fill a major gap in Apple’s product line, a gap that would open the doors for the company in several key international markets.