Photos of some of the components of what looks like an iPhone prototype, the N94, have emerged online which could quite possibly be a cheaper version of the iPhone 4 (or the iPhone 5 lite for that matter).
There have been rumours of a cheaper iPhone 4 (according to the Wall Street Journal) which would replace the iPhone 3GS altogether.
The pictures (shown here) indicate that the component - the glass front of the smartphone comprising of the digitizer, home button and LCD - is an EVT1 (Engineering Verification Test) from the beginning of March.
The only significant difference between this and the current iPhone 4 is what Richard Lai from Engadget describes as a "dot right next to the sensor location above the earpiece" which could be a webcam LED indicator as on desktop Macs.
Sources also point to the fact that the N94 hadn't yet reached the DVT (Design Verification Test) stage when last verified in July which could mean that this version might not even reach production.
The iPhone 5 and its cheaper cousin are expected to be launched either in September or in October, possibly in a stand alone event that could also be the first major event not fronted by Apple's Iconic CEO, Steve Jobs.