If you were waiting for the iPhone to become cheaper in the face of increased competition, this might be the year for it.

Per the Wall Street Journal and DigiTimes, Apple is currently working on a cheaper iPhone that could hit the market as soon as this year.

According to people briefed on the matter, Apple is reportedly looking to a new audience with the less expensive iPhone, a move the WSJ claims is in response to slipping smartphone supremacy.

While Apple has supposedly tossed around the idea of building a more affordable iPhone “for years,” the plan is progressing toward a release in the second half of 2013.

The new device could be unveiled later this year and be marketed as an entry-level model to Apple’s flagship iPhone. Sources say the cheaper unit may take on the form factor and design of the current iPhone with a chassis made from less exotic materials like polycarbonate. Other parts could “remain the same or be recycled from older iPhone models.”

Stay tuned for additional details as they become available.