Apple may expand its iPhone range by including models with larger screens, colored bodies, and a lower price. Citing multiple sources, Reuters reports that screen sizes of 4.7 inches and 5.7 inches are under consideration. The alleged large-screen models would launch next year if Apple decides to go ahead with the plan.

A lower cost model may come in several different colors, and Apple is said to have discussed a $99 price point. It's not stated whether that figure refers to an off-contract or carrier-subsidized cost. The latter would seem a given; Apple currently sells the iPhone 4S for $99 with a two-year contract.

While the sources note that Apple's plans may change, the current schedule reportedly includes an "iPhone 5S" for release later this year alongside the lower-cost model. The 5S is said to include a fingerprint sensor, with the lower-cost model using a plastic casing that could come in five or six different colors. Apple has tapped Foxconn to assemble the 5S, while Pegatron will assemble the cheaper iPhone, say Reuters' sources.

News of a low-cost iPhone was reported by The Wall Street Journal in January, and the paper linked Pegatron to the project last month. Apple CEO Tim Cook said in April that the company would not consider releasing an iPhone with a larger screen at present due to perceived tradeoffs in image quality and battery life, among others.