iPhone 5S
Apple iPhone 5S may feature an improved flash technology and will be made available in multiple color options Reuters

As tech enthusiasts eagerly await and wonder what the next iteration of Apple's (NASDAQ:AAPL) iPhone, or "iPhone 5S" as it's now been dubbed, will offer, a new rumor claims that the flagship smartphone will feature a brighter flash and will be made available in multiple color options.

Citing Japanese blog Macotakara, Apple Insider reported on Thursday that the upcoming "iPhone 5S" will come in more than three colors. Other than the existing black and white, Apple is also considering offering the iPhone in gold and green.

The report says that the latest rumor corresponds to images of multi-colored SIM trays leaked last week, which were claimed to be of the "iPhone 5S." The alleged "iPhone 5S" SIM trays were shown in a couple of colors -- grayish hue, gold and beige.

But. this is not the first rumor to surface about new colors for the next-generation iPhone.

Analyst Brian White of Topeka Capital Markets said earlier this year, that the "iPhone 5S" would have a variety of colors. According to him, there would be as many as eight colors for the next iPhone model -- pink, yellow, blue, green, purple, silver, red and slate.

In December, Jeffries analyst Peter Misek reportedly said in a research note that there could be multiple color options with six to eight colors for the "iPhone 5S" in addition to the current offerings in black and white.

Apart from new colors, the next iPhone is also rumored to sport a dual LED flash, which could be “accommodated with a pill-shaped space for the camera flash modules.” There also could be a redesigned microphone on the back of the handset.

The current Japan-based rumor in question includes information about the cheaper version of the iPhone as well. The rumor has it that the low-cost iPhone model is getting tested with several colors like navy, gold-orange, white, pink, green, blue and yellow-orange. However, some of these colors may not make it to the market with the final product.

The report also says that Apple will produce 1,000 units of the cheaper iPhone for field-testing from June and will start mass production for shipping from July through September.