Bloomberg is reporting that a smaller, and cheaper, version of the iPhone is on Apple's agenda "aimed at slowing the advance of competing handsets based on Google Inc.’s Android software".
The report states that a prototype has been knocked up and that the aim is to get it hitting shops, priced at $200 (non-contract) in the "near mid-year" - whenever the heck that is.
So let's crack open the beers and put on some Susan Boyle - because it's like 2009 all over again.
Back in January of that year, Tim Cook - who is now essentially in charge of Apple in Steve Jobs' absence - stated during the earnings call that Apple wouldn't be producing "low-end" devices and it didn't want to be the market leader when it comes to the number of units sold, it just wanted to make the best phone possible.
But that didn't stop the iPhone nano rumours from kicking up, although they proved fruitless.
Cook's stance during this year's earnings call was a bit different though. The Apple COO admitted that, regardless of its undoubted success, the iPhone is far from the number one smartphone and hinted at a market assault.
"We also have a low share of the handsets market", he said. "So we are excited that there is great opportunity there.
"We are in some great markets, some fast moving markets. We have some great products in the pipeline. We feel very very confident".
Could one of those "great products" be a mini iPhone?
We can't say we're overly convinced, but with Nokia and Microsoft now teaming up - Apple is going to have to do something to spread its love further afield.