Is Apple building budget iPhone?

Ever heard something that many times you believe it to be true?

Yes absolutely, speculation of a budget Apple iPhone for one.

Exhausted more times than we care to remember, this is not the first time, and damn it won't be the last.

But rumours have again reached fever pitch that Apple plans to release a US$99 iPhone in a range of colours.

The source? Reuters and "four people with knowledge of the matter."

"Apple Inc is exploring launching iPhones with bigger screens, as well as cheaper models in a range of colours, over the next year, said four people with knowledge of the matter, as it takes a cue from rival Samsung Electronics," Reuters reported.

Apple unexpectedly declined to comment, but looking back to May this year, world electronics distributor ETrade Supply made similar claims, insisting:

"Well we just heard "on the wind" confirmation that Apple will in fact be releasing these lower end models. And we are not the first."

And with Apple's smartphone market share losing ground to that of rival Samsung, is the tech industry simply putting two and two together and coming up with five? Not in the eyes of Reuters.

"The U.S. firm has discussed a price of $99 for the cheaper phone, the timing of which could slip to next year, one of the people said," it reports.

"It's not yet clear what the final price would be.

"Apple - whose revenue growth has decelerated from the heady days of 2010 when it introduced the iPad and when the iPhone was the world's top selling smartphone - has sought ways to re-energise its flagship line."

But all reports aside, until Apple, fresh from releasing iOS 7, iTunes Radio and a host of new updates this week, speaks - everything will be deemed as mere gossip, gossip we've be hearing month after month.

Will Apple release a budget iPhone? Tell us your predictions below