This image shows the handset with markings from the FCC (Federal Communications Commission) and CE (European Commission) on the back of its plastic case. These bodies regulate gadgets that go on sale in the US and Europe respectively. So if this picture is genuine, it suggests that the cheaper iPhone has been fully accredited, and could be pretty close to going on sale. Exciting times.
The handset matches the previous leaks we've seen, with the same plastic casing (though only in white instead of a range of colours like before) and ports in the same places. So if it is a fake, a lot of work has been put into it.
Apple's budget iPhone has been rumoured for some time now, with word reaching us last week that it'd come in two models. One version would feature a Samsung processor, while Apple tries to sever its links with the Korean company, and the other a slightly faster H6P processor. They'll both be 4G, according to rumours, but will use different standards of LTE.
If true, we could see an ultra budget iPhone, along with one that's slightly cheaper than the iPhone 4. If Apple doesn't phase out the iPhone 4, that is.
It's not a surefire bet that Apple will even launch a more affordable handset. But with the likes of the wallet-friendly Google Nexus 4 and Nokia Lumia 625 on the scene, the iPhone does start to look pretty pricey.
Apple also said before it wouldn't make a smaller tablet, as it didn't want to compromise the experience. And look what happened there.
Would you buy a budget iPhone? What kind of price will Apple have to hit to make it a success? And what kind of specs would you like to see? Let me know in the comments, or on our far from expensive Facebook page.