Apple Inc has prepared plans to nearly double its iPhone production in the fourth quarter, financial news Web site reported, citing people familiar with the company.

The plan calls for making 2.7 million iPhones next quarter, up from the 1.54 million originally targeted, the report said. Apple's plans now call for 4.8 million iPhones to be produced this year, up from the 3.6 million previously targeted, the report said.

Earlier this month, Apple said it sold its one-millionth iPhone a few weeks ahead of schedule.

Apple officials were not immediately available for comment.

(Reporting by Lewis Krauskopf)