A new report has suggested that the rumoured low-cost iPhone will combine design aspects from various Apple devices to become a largely plastic iPhone with the iPhone 5's 4in screen, a bottom like the iPod touch, and the shape of an iPod classic.

In a report published this week, iLounge's Jeremy Horwitz cites "reliable sources" who claim that the cheaper iPhone will have almost identical raw dimensions to the iPhone 5, with just half a millimetre added to the height and width of the device, and almost one millimetre added to the thickness.

"Beyond shifting from glass and metal to a substantially plastic chassis, the most significant change Apple will make is in the curves," claims Horwitz, noting that the curves will be similar to the iPod classic's, with the flat back and sides connected by a curve.  This will enable Apple to use a flat, centred SIM card tray like the iPhone 5's, and the buttons and ports will be on flat surfaces rather than curved, says the report.

The low-cost iPhone won't be as thin as the fifth-generation iPod touch, but the volume buttons will take on the pill-shaped design of the touch rather than the circular design found on the most recent iPhones, says the report.

According to the sources, the back of the cheaper iPhone have a camera, microphone and rear flash with similar proportions to the newest iPod touch, but with no protruding rear lens and a circular microphone hole rather than the pill-shaped one on the iPod.

As for the bottom of the budget phone, Horwitz claims that it will be a hybrid of the iPhone 5 and iPod touch, with a headphone port, Lighting connector, microphone and speaker in the same positions as the iPhone 5's, but with fewer holes to resemble the iPod touch.

Just yesterday, we reported that an Apple patent for a cheaper iPhone with a plastic body has been published by the US Patent Office, adding evidence to the theory that Apple is working on a low-cost iPhone to join the more expensive iPhone model.

Speculation about a cheaper iPhone, dubbed iPhone mini, has been circulating for some time, with experts and analysts suggesting that Apple will launch the new device to address emerging markets such as China and India.

Earlier this week, Horwitz also reported that sources have claimed a redesigned iPad 5 and a Retina iPad mini 2 will launch in October, after an iPhone 5S with a 13MP camera in July.

What are your thoughts about the cheaper iPhone speculation? Let us know in the comments section below or on Twitter.

See also:

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