The currently leaked iPhone “N94” prototype could actually be the upcoming iPhone 5 or the rumored iPhone 4S, tech observers say.

There are strong rumors suggesting that the leaked images of the iPhone “N94” prototype could actually be the iPhone 4S planned by Apple for a late arrival this year. The images showed how the prototype looks similar to the iPhone 4.

The images leaked were of the prototype’s front assembly. The N94 is rumored to be the cheaper version of the iPhone 4 (8GB). The new device comes with a metallic back instead of iPhone 4’s glass design, the same that the iPhone 5 is rumored to arrive with.

The new metallic back LCD part of the device has been tagged as N94 “EVT (Engineering Verification Testing) 1″ and dated March 3, 2011. There were references to the “N94″ in the iOS 5.0 SDK previously found by 9to5Mac. The rumors gathered there said that the device is an A5-powered next-generation iPhone. Engadget said that the device looked like a FaceTime camera LED indicator.

Others, however, said that the metallic back device could actually be the iPhone 4S, a refreshed version of iPhone 4 which is rumored to be unveiled alongside the eagerly anticipated iPhone 5.

Elsewhere, there are fresh rumors about a new Apple device, tagged “N97,” which is said to be a smaller device with an edge-to-edge screen, according to a WSJ report. The “N97,” which may have a Sony lens, is also rumored to be the upcoming iPhone 5. Sony is expected to provide the 8 MP sensors for the upcoming iPhone 5.

The “N97” had already reached the DVT (Design Verification Test) stage back in June, according to an Engadget report.

Check out the photos here.