Apple's budget and size-friendly smartphone, the iPhone SE, may get an update soon. Latest reports claim the tech giant will release a new version of the sleeper-hit handset next year.

According to reports, the iPhone SE 2 with the same 4-inch screen has already been confirmed and will be built by Taiwanese firm Wistron, which already produces the current model in India. A trial production run is reportedly set for late 2017, with mass-production supposed to begin in the first half of 2018.

This is not the first time Wistron has been linked with the next-generation iPhone SE, neither is it the first time that reports claimed an early 2018 release. Leaks previously suggested it would ship sometime in the first quarter of next year, likely in March.

Specifications of the updated version are unclear at this juncture. However, Trusted Reviews predicts it is highly likely to use components from the iPhone 7 and iPhone 8 generations this time around. This means Apple may pack the A10 Fusion processor from the former model or the A11 Bionic chip found on the latter, although iPhone 8's processor may be overkill for the compact device.

A camera upgrade, possibly to the newer 12-megapixel sensor included in the iPhone 8, is expected as well. Design-wise, there should be a few changes in the new version, whose successor was inspired by the iPhone 5S. Apple will likely retain the home button, but save twin cameras, edge-to-edge display, wireless-charging support and Face ID support for the higher-end models.

The iPhone SE 2 is said to come with 32 GB and 128 GB versions, with prices starting at $450. For comparison, the first-generation starts at $349.

Launched in early 2016, the iPhone SE is basically an iPhone 5 or 5s packed with iPhone 6S' components to bring the performance up-to-date.