The current model of Apple TV, which launched more than two years ago and costs $69, is getting a major software update next year that will feature a new TV streaming service. According to 9to5Mac, the company is planning to release a new Apple TV in October for $149 to $199.

The current model, however, will be sold alongside the new model as a cheaper alternative. Like the current model, the new model also will support Apple's streaming service next year.

The report suggests Apple is unlikely to give up on the current Apple TV model just yet, a fact seemingly confirmed by Apple itself. On its Apple Music webpage, the company said its existing music streaming service will be making its way to the device, launching with an Android version "this fall."

Nonetheless, there are several reasons to upgrade. The new model is said to include a new remote control with microphone and touchpad, an App Store, a faster processor and a new user interface. The new model is also said to be thicker and wider than its predecessor, presumably to accommodate more powerful hardware capable of running cutting-edge apps and games.

Apple's streaming service reportedly will replace traditional cable offerings, bundling in multiple TV channels for as little as $40 per month. The service has been rumored for almost as long as the Apple TV has been around for: When Steve Jobs unveiled the first version nine years ago, tech pundits predicted Apple would revolutionize the TV industry as it has done with so many others.

Apple is planning to hold a special event at the Bill Graham Civic Auditorium in San Francisco Sept. 9. Speculation suggests the new Apple TV will be unveiled at the event, alongside an iPhone 6S.