Apple may release a cheaper, smaller iPhone in just a few months - here's everything we know about it so far

While the original iPhone SE looked like the iPhone 5S, the next version will reportedly bear resemblance to the iPhone 8.

That's according to Bloomberg and Kuo, who said as much in two recent notes reported by 9to5Mac. Nikkei Asian Review also reported that Apple's cheaper new iPhone would have a 4.7-inch display just like the iPhone 8, which Apple currently sells for $450.

If the iPhone SE 2 is largely based on the iPhone 8, that means it will likely retain the home button and may have only one rear-facing camera.

The new iPhone SE will likely run on the A13 Bionic chip that powers Apple's latest smartphones, according to Bloomberg, Kuo, and Nikkei Asian Review.

It's also not surprising considering the iPhone SE from 2016 was powered by the same A9 chip found inside the iPhone 6S.

Apple's new iPhone SE will cost $400, according to Kuo, making it roughly $600 cheaper than the $1,000 iPhone 11 Pro and $300 less expensive than the $700 iPhone 11.

That pricing would also put the iPhone SE 2 on par with Google's $400 Pixel 3a and the iPhone 8, which Apple currently sells for $450.

The iPhone SE 2 will probably have an LCD screen, according to Nikkei Asian Review. That's unlike Apple's high-end iPhones, which have OLED displays capable of showing deeper blacks and offering better contrast.

That's not surprising, however, since LCD screens are typically cheaper than OLED screens and are therefore found on less expensive smartphones. The iPhone 11 and iPhone XR both use LCD screens.

Apple is reportedly planning to bring back the home button with its smaller, low-cost iPhone. Bloomberg reports that the phone will have a home button with Apple's Touch ID fingerprint scanner built in, much like the iPhone 8 and other earlier models. That means it won't support facial recognition like the company's latest iPhones.

Apple may have launched new colors for the iPhone 11 and 11 Pro, but it sounds like the iPhone SE 2 will be available in the company's more classic colors: silver, space gray, and red, according to Kuo.

Apple will offer the iPhone SE 2 in 64 GB and 128 GB storage capacities, Kuo also reported. That's similar to the options Apple offers for the iPhone 11, except it sounds like Apple will not offer a third choice of 256 GB as it does for the 11.