A new iPhone is coming, but don't worry, it's not the next one to replace the recently released iPhone 6S.

According to Forbes, the new model will be replacing the 2-year-old iPhone 5S, which is the last to sport a 4-inch screen, and is said to be called the iPhone 6C.

The release date of the phone is quite uncertain, although MacWorld thinks the phone will be released by February 2016, and yet Tech Radar still believes it will be launched by the second half of 2015 -- although there seems to be no Apple event left in the last three weeks of the year any more. That being said, fans awaiting the next compact phones from the brand can just wait until official news say when the phone is actually coming.

Meanwhile, what can be expected of this new model?

Unlike the 5C, the 6C will not be sporting a plastic shell, but rather, a beautiful metal exterior that will make the cheaper phone look "luxurious." Mac Rumors also indicated that the front cover will be made of glass that slightly curves at the edges, similar to that of the iPhone 6 and iPhone 6S.

Unfortunately, compared to other smartphone standards, it's on the small side. The Verge noted that Apple is now one of the few companies still making high-quality small phones, as most consumers have been moving on to larger devices.

For social media enthusiasts, it is believed to sport the same camera specs as the 5S, with an 8MP iSight camera and an old-fashioned 1.2MP selfie shutter.

The design and specs are not the selling points for the phone, though. With full Apple Pay support, the iPhone 6C would represent a substantial upgrade compared to the 5C, especially considering that Apple Pay is beginning to gain traction in retail, adding to the idea of the iPhone being more of a commerce device now more than ever. In order to support the said App, the iPhone 6C will get a decent A9 processor and NFC chip, making it quite a steal.

That being said, predictions say that the 4-inch iPhone 6C may account for only 8-9 percent of the total number of iPhone shipments in 2016, although that does not sway the company into preventing its release. Nevertheless, having a mid-range smartphone could put Apple ahead of its competitors by pricing the model at a more competitive $400 to $500 range, reaching into the market that used to be dominated by Android users.