Apple is known to upgrade its iPhones annually. After the success of iPhone 6s series this year, rumours about new iPhones have taken consumers by storm. Apple's 2016 flagship, dubbed as the iPhone 7, is the center of limelight in the smartphone world and speculations about what to expect in the next iPhone are keeping fans excited. But a fresh report out of Korea is suggesting the rumoured OLED display in the iPhone 7 is highly unlikely.

According to The Korean Times, which cited a "high-ranking industry executive," Apple is turning to Samsung to build small size OLED displays for future iPhones. But the Cupertino tech giant is still holding preliminary talks with the world's largest smartphone maker and implementation of OLED displays in iPhones is expected around 2018. This means the iPhone 7 will ditch the OLED displays in favor of the usual LCD displays.

"Samsung Display has recently renewed talks with Apple to supply its small-sized OLED displays for the next iPhones to be released in a few years, which I believe is around 2018," a source, who did not wish to be identified, told The Korea Times.

Samsung's display manufacturing arm, Samsung Display, is currently building OLED displays for high-end Samsung devices. But there is a lot of pressure on the Korean tech giant to have just one client for OLED screens.

"Samsung Display needs to have a long-term contract with new and trustworthy major customers for OLED displays," the source added.

But using LCD displays offer better profit margins among other advantages for Apple. Apple's participation in the OLED technology will help the global display industry. Last month, a Forbes report revealed Apple's plans to integrate OLED displays built by Samsung Display.

Samsung Display is currently manufacturing LCD panels for iPads and certain iPhone models but LG Display manufactures majority of the iPhone display components. The new report of Apple and Samsung Display's partnership will bring a refreshed sense of competition in this field of industry.