A Wall Street analyst is expecting Apple to announce a fully redesigned iPhone 5 that will have a unibody aluminum case, and an iPhone 4S, which is a low-cost version of the current iPhone 4.

Various media on Monday reported that Deutsche Bank Securities analyst Chris Whitmore  said the two anticipated new iPhone models could push Apple's smartphone sales even higher than it is.

Whitmore believes Apple will sell the rumored iPhone 4S for between $300 and $350 without a contract, according to Apple Insider and BGR.com.

The iPhone 4S is reportedly created for the midrange smartphone market. Whitmore estimates that there are about a billion prepaid customers in that market and that this move would drastically expand the smartphone market for Apple, according to Apple Insider.

Whitmore reportedly sent a note to investors on Monday, briefly mentioning the iPhone, which he expects will be a completely redesigned handset. The analysts also expects Apple's fifth generation iPhone to feature an upgraded camera and a larger screen size.

Rumors have been circulating that Apple's iPhone 5 will have an 8-megapixel camera and edge-to-edge screen. It is expected that the iPhone 5 will run on iOS 5. 

Sources have told the media that Apple has blacked out employee vacation time from Oct. 9 to 12 and Oct. 14 to 15. It is believed that Apple will release the iOS 5 between Oct. 9 and 12. The next round of blackout dates is for the launch of the iPhone 5, according to reports.

Apple is yet to confirm any of these rumors and is expected to unveil the iPhone 5 at an Oct. 4 event.