Apple is reportedly prepping the release of two new iPhones - the iPhone 5 and 4S.

According to Deutsche Bank's Chris Whitmore, the iPhone 4S features minor upgrades, and is expected to sell for $350 without a contract. The iPhone 5 will reportedly offer a beefier change such as a new body style, upgraded 8-megapixel camera and, of course, carry a higher tag.

If the reports are true, it may be just what Apple needs to turn the tides in its battle with Google.

After a strong entry in the smartphone market, Apple fell behind Android in market share, due largely to its high price point. Google, and its handset partners, blanketed the low and mid-tier market, selling Android devices at cheaper prices.

Android is offered on every major carrier throughout the world. Apple, on the other hand, priced itself out of emerging markets like India and Asia by offering just one iPhone that sells for $650 unlocked.