A new report suggests that Apple is going to start building the iPhone 5S this quarter – and we could see a more affordable handset later on in 2013.

 That’s the latest iPhone rumour, as reported by the Wall Street Journal.

If the tech giant is actually starting to build a new iPhone this quarter, we could likely see iPhone addicts lining up outside Apple stores for the next device this summer.

The WSJ is also reporting that Apple is working on an inexpensive iPhone, likely for emerging markets.

Apple could shave the phone’s costs by ditching the iPhone’s fancy-looking frame and sticking with a comparatively small screen.

In places like India and China, spending hundreds of dollars for a full-fledged iPhone is often out of the question. In fact, these regions have been getting a lot of attention from BlackBerry andNokia, both companies that are keep to keep market share there.

But back to the next iPhone – the rumour mill is spinning quickly now.

The Next Web, meanwhile, is speculating whether the next iPhone will have a fingerprint scanner and advanced security features.

They’re also running with rumours that iOS 7 will contain a major user interface overhaul – a move that comes as other platforms such as Android and BB10 catch up.

What will all these phones be called?

When it comes to the names, maybe Apple might consider taking a page from Audi’s strategy and come out with the Audi 4RS. Or follow BMW’s lead and produce the iPHone 5M?

Which features do you want to see on the next iPhone?