Rumors about a possible smaller 4-inch iPhone have been humming around and unfortunately it looks like it will remain just that.

A lot of iPhone loyalists are eagerly awaiting what Apple would be releasing in 2015 and many believe that it would be a smaller version of the iPhone. A credible analyst (Ming-Chi Kuo, KGI Securities) however believes that Apple is unlikely to unveil such a device and should it happen, the earliest could be in 2016.

If Apple does decide to release a low-end phone, Kuo believes there is a chance but believes 2016 is still the best bet. He believes that a low-end phone with the rumored 4-inch feature could come next year together with Apple Pay compatibility.

Further, he added that the iPhone 5c is likely to reach the end of its product life-cycle this year. Taking its place is surprisingly the iPhone 5S which has earned the new tag of being an entry-level device among Apple's smartphone lineup.

And for those who may have been anticipating a hypothesized iPhone 6c (March, 2015), well, it is not happening nor among the plans of Apple. So for those who were hoping for an entry-level phone, your best bet right now is to get hold of the iPhone 5s.

Despite being around for some time now, iPhone 5S sales continue to impress. Despite its maturity stage, the device still shows an average shipment of 5 to 7 million units per quarter as bared by Kuo.

With the iPhone 6s and iPhone 6s Plus now the new top dog in Apple's lineup of smartphones, Kuo still believes that a new 4-inch and low end phone is unlikely to happen this year. 2016 is a more likely year for it to happen.

For now, Kuo believes that Apple is still leaning on 4.7-inch or 5.5-inch phones which they believe is something their customers still prefer. Apple is not expected to announce any new iPhones until the Fall.

If ever the 4-inch phone does come in 2016, Foxconn is seen as the likely manufacturer for the rumored smartphone.