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Apple is reportedly working on a smaller and less expensive version of the iPhone, Bloomberg reported on Thursday, citing sources.

Bloomberg said that the device is about one-third smaller than the iPhone 4 and it will be on sale for $200 without a two-year wireless contract.

Apple is aiming to unveil the device around the middle of this year, the report added.

Apple is also reportedly working on a dual-mode phone that would be able to work with the world's two main wireless standards.