According to the latest rumors, tech giant Apple will be offering a dynamic duo release with the much anticipated iPhone 5 and iPhone 4S this September. The iPhone 5 will remain as the company's higher end model while the iPhone 4S will be targeted towards prepaid smartphone customers. A release of both devices could be a blockbuster move by Apple to cater both the higher end and mid range smartphone market.

The move could benefit Apple as rivals have seen slowing sales in the middle range market. According to Deutsche Bank's Christ Whitmore, the speculations of the two iPhones are very probable.

The time is right for Apple to launch a cheaper iPhone, alongside a new high-end model...With Nokia and RIMM struggling the time is right for Apple to aggressively penetrate the mid range smartphone market to dramatically expand its [total addressable market] and market share, said Whitmore.

Apple's release of iPhone 4S could add a spike in iOS 5 users as it caters to a market of 1 billion prepaid plan mobile phone users. This is an untapped source for Apple as their iPhones have been considered luxury premium devices rather than a product for the mid range masses. According to Bloomberg, the Cupertino company's iPhone 4S could be attractive with a lower price tag and not being tied into any 2 year term contract.

Apple has considered selling the new iPhone for about $200, without obligating users to sign a two-year service contract, said the person who has seen it, the report states. It also noted it's possible the project could be delayed or scrapped entirely, as Apple often works on products that do not later get released, wrote Bloomberg.

Other than some small hardware upgrades, the iPhone 4S will retain a very similar design to the current iPhone 4. That is a different case for its partner the iPhone 5. Apple's prime mobile device is speculated to upgrade to a faster dual A5 processor along with a dual LED 8 megapixel camera utilizing auto perspective correction features. The design holds an end to end display placed on a curved glass touchscreen. Both devices will run on iOS 5 and are enabled for Apple's iCould feature that was announced at this year's WWDC. The iPhone 5 aluminum case backing will also stray from the iPhone glass material, bringing an elegant look alongside optimal performance. The iPhone 5 will be sure to carry the look and feel expected of a premium device compared to the iPhone 4S for the mid range consumers.