Bloomberg reported on Thursday that Apple is going to launch iPhone 5; which will be smaller and cheaper from the previous versions of iPhone.

The report says that the size of this iPhone will be 1/3 of the iPhone 4. Apple has decided to sell it for $200 without a 2 year wireless contract.

Apple is trying to launch the device around the middle of this year, but the launch may be delayed or canceled altogether; Bloomberg’s report said.

Apple did not respond to a request of comment. As we know that Apple is a company which often develops products; but never brings them to the market.

The report also says that Apple is also working on a dual-mode phone which will be able to work on two major operating platforms of the market.

But AT&T Wireless; which caries the iPhone on its network in USA, declined to comment on this topic. Same response was also found from Verizon Wireless.

Now we can just wait and watch when Apple launches these devices which are found in this report of Bloomberg.

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