iPhone 5S
File photo of Apple iPhone 5S being displayed at an Apple shop in Tokyo's Ginza shopping districtReuters

For the past few months, we have been hearing numerous reports about Apple working on a 4.0-inch iPhone, but there was some confusion over what the device will be called.

Some suggested it would be named iPhone 6c, while other rumours pointed out that it might be christened iPhone 7c.

Now, a new report has surfaced online with the supposed final moniker of the upcoming compact Apple phone with plausible proof.

Chinese media house cnBeta, citing sources inside Foxconn Apple's official supply partner, has revealed that the upcoming 4.0-inch smartphone will be christened iPhone 5e. It is believed that the company has used alphabet "e" to represent it as an "enhanced" version of the iPhone 5S, the last Apple device to feature 4.0-inch screen.

Tipsters also revealed the iPhone 5e will boast advanced audio technology VoLTE (Voice over LTE), NFC (Near Field Communications) and contact-less Apple Pay feature. Other features include 1GB RAM and Apple A8 processor.

Many reports have suggested that Apple iPhone 5e production has already commenced and if all things fall in place, it is expected to be unveiled in March with prices starting at ¥3288 (around $ 500/€462/Rs.33,374).

Besides iPhone 5e, Apple is also said to pull the wraps of the new Mac series and iPad Air 3. 

As far as the 2016 flagship iPhone 7 series is concerned, the company is expected to stick to the annual September launch schedule.

The new phones are said to come in 4.7-inch and 5.5-inch screen sizes, but will have completely new design language compared to the 2015 series. Apple has reportedly ditched 3.5mm audio jack and instead incorporated universal lighting port which will act both as audio connector as well as power charging port. The device is also expected to boast water-proof certification.

Also read: iPhone 7 may come with dual-camera zoom lens feature, hints Apple patent

Under-the-hood, they are expected to be packed with Apple's proprietary A10 CPU, 2GB RAM, 16GB/64GB/128GB/256GB (only in iPhone 7 Plus model) storage, bigger batteries, dual-camera zoom system and advanced Touch ID security feature.

Read more: iPhone 7 series Touch ID system may come with panic-mode security feature, hints Apple patent

Stay tuned for more updates.