One analyst says that Apple will go after the competition with both barrels in September, releasing two new iPhones instead of one iPhone 5.

[ad#Google Adsense 300×250 in story]In a note to clients on Monday, Deutsche Bank analyst Chris Whitmore says he expects Apple to release an iPhone 5 and an iPhone 4GS. The 4GS would serve as a mid-range device and cater to the prepaid phone market.

According to Business Insider, the 4GS would cost about $350 and would have the same type of plan as the iPad — people would pay for what they need.

Reports of a prepaid iPhone first surfaced earlier this year from Apple COO Tim Cook. At the time Cook said that Apple “understood price is big factor in the prepaid market.” The prepaid market may seem out of Apple’s realm, but Cook said that Apple was “not ceding any market.”