Apple is planning to begin production of a new iPhone similar in size and shape to its latest version in the second quarter of the year, the Wall Street Journal reported Wednesday.

The business daily, citing persons familiar with the device's production, said the newest model of the smartphone could be ready for a summer launch. The newspaper said Apple refused to comment.

The Journal said that in the meantime Apple was continuing to work with its Asian partners on a cheaper version of the iPhone that could be launched as early as the second half of this year.

The iPhone 5 went on sale at the end of September in the United States and nine other countries. More than five million of the devices were sold in three days, more than the previous model but falling short of some analysts' expectations.