Yes, it's that time of the year.
Next week, Apple is expected to release not only an update to last year's iPhone 5, but also a cheaper model called the iPhone 5c.
In the past, Apple has continued selling older iPhones at lower prices alongside new flagship models. Right now, 2011's iPhone 4S and 2010's iPhone 4 are still on sale alongside the latest edition, the iPhone 5.
But selling a phone that's both new and bargain-priced would be a huge turnaround in Apple's traditional practice of focusing on premium products that carry fat profit margins.