A less powerful, potentially cheaper version of the iPhone 4 may soon be hitting Asian markets.

The popular smartphone, which is currently available in 16 GB and 32 GB versions (as well as in both black and white styles), is reported to be in development in Korea. Due to the confidential nature of Apple regarding its new releases, Reuters made the report based on unnamed sources with inside information.

iPhones are high-priced items in emerging Asian markets, but because of the brand's worldwide popularity, consumers may be enticed to invest in the less powerful model. The new offering is expected to carry an 8 GB flash drive, and sources claim it will be released in the coming weeks. As it would be the same physical size as existing iPhone 4 models, it would take the same mobile phone accessories as the original versions.

Apple offered an 8 GB device with the iPhone 3, and the company is rumored to be releasing the iPhone 5 in October. With new Android-based phones popping up throughout the year and companies like Nokia expanding affordable smartphone offerings, developing a competitively inexpensive device may be a strategic move for Apple.