The iPhone 6 and iPhone 6 Plus have not been on the market for long, but that doesn't keep rumors about a new iPhone 7 at bay.

According to Inquisitr, there are rumors that Apple has an iPhone 7 is in the works and will release it later this year. The first rumor is that Apple will not make the leap to calling the new handset an iPhone 7, but rather the new device will likely be referred to as an iPhone 6s.

Much like the updates and additions to the iPhone 5 series, Apple is rumored to release an iPhone that is considerably more affordable.

The company, who has seen negative public response to their budget friendly S and C models, is purportedly eliminating the denotations and moving towards another naming option for the new device.

There is a possibility that Apple will offer an iPhone Air in the same vein as the iPad Air and Macbook Air, which feature lightweight builds and ease of portability.

Spec reports from Economic Daily News state that Apple supply partners TPK are working on new 3D technology that will not require the use of special glasses. They speculate that these new features will be included in new designs for the iPhone 7.

In addition to rumored 3D features, the phone will feature a 5.5-inch screen, a new abilities called Force technology that will be able to decipher tap from press finger applications. Daring Fireball reports that the new phone will also boast an upgraded camera with a dual lenses system that will give users DSLR caliber pictures.

Additional features that have also been rumored include a version of wireless charging that will be enveloped in the new iOS 9 operating software.

Users will have a long wait for these high-tech changes to the iPhone as rumors suggest models will not be released until late 3rd quarter or early 4th quarter 2015.