Along with the highly anticipated iPhone 5, Apple will release a cheaper iPhone 4, Reuters reported.

The cheaper iPhone 4 is expected to have an 8-gigabyte flash drive that will arrive around the same time Apple will unveil the iPhone 5, according to two of Reuter’s unnamed sources. This cheaper iPhone will be almost identical in appearance to the existing iPhone 4, except with a bigger touch screen, better antenna and an 8-megapixel camera.

While the move will win over lower-end customers, it could potentially “jeopardize” profit margins, the wire service reported.

“A lower-priced version of iPhone 4 seems to be a necessary evil at this point in the iPhone adoption cycle, especially in emerging markets where the average income of individuals is much lower,” said Channing Smith, co-manager of the Capital Advisors Growth Fund, Reuters reported.

And while we’re speculating about the iPhone, the Wall Street Journal reported that Sprint will be a wireless provider for the iPhone 5, selling the device beginning mid-October.

Can it be October already so the speculation can stop?