Smartphone and Apple analysts suggest that the company is gearing up to launch a new device this year—the Apple iPhone Mini.

The new phone will be a smaller version of the iPhone 6 and it will have a 4-inch screen display. To come with the smaller display is the expected lower price range for the new smartphone.

According to finance site Zacks, Apple will only release this Mini version if they can guarantee "a minimum of 10 million units per year." iPhone 6 and iPhone 6 Plus sales are going steady for now but there is a wide market range that would prefer a smaller iPhone for mobile use. Some argue that since there is the iPad Mini and the iPad Airs, there is no need for an Apple mobile phone to project a larger screen that is almost comparable to its tablet line.

The price is also one of the main concerns. Because of the features of the new iPhone 6 and iPhone 6 plus, the company has fixed a high price tag to these now called luxury phones. With the iPhone Mini, they could still reach the average masses. Even though there is no price set for the possible iPhone Mini yet, it is said to be "somewhere between the entry-level iPhones and the latest iPhone 6," according to Zacks Equity Research.

On the other hand, other reports confirm the new phone stating that "releasing an iPhone 6s Mini is a huge no-brainer for Apple."

The released date for the iPhone Mini could follow the traditional iPhone yearly release which is around September every year. Apple would probably release this flagship phone internationally.