Rumors regarding the iPhone 5S and 6 have been floating around for awhile now. We're still not completely sure if the new iPhone Apple intended to launch this year will be labeled the iPhone 5S or the iPhone 6, but it looks increasingly likely that the smartphone will be released this summer, with a cheaper iPhone mini following shortly after.

Though the last iPhone to be revealed during the summer was the iPhone 4, many reports have indicated that Apple will be returning to that schedule with the iPhone 5S/6 (though it's likely to be the 5S).

According to the Wall Street Journal, Apple is planning to initiate production of the new iPhone this quarter for a summer release. Meanwhile, Cupertino will keep working on a cheaper iPhone mini, expected to launch in the second half of the year, after the iPhone 5S. It's expected to clock in at 4 inches, sport a less expensive body, and be available in different colors.

"There isn't really any major differentiator between the players at this phase," Neil Mawston, an analyst at research firm Strategy Analytics, said to the WSJ.

Mawston added that in order to compete with Samsung, Apple needs to release a more diverse line-up of products. And at a faster rate.

"The panacea is to transform the industry with a revolutionary design," he added. Until then, "you have to do the traditional business school implementations like manage costs and move quicker than rivals."

Of course, Apple refused to comment on the WSJ's story, meaning that none of the information is official.