The latest Apple rumors to make the rounds suggests that the company is working on cheaper iPhone designs to compete with the wider variety of Android handsets hitting the market.

[ad#Google Adsense 300×250 in story]Bloomberg reports that one version is smaller and cheaper than today’s iPhone, while another sports the ability to use the iPhone on multiple wireless networks around the globe.

Bloomberg, predictably, couldn’t find anyone who could confirm the rumors on the record – the reports and speculation are attributed to unidentified “people who have been briefed on the plans.” Apple, of course, had no comment.

The article also noted that “Apple often works on products that don’t get released,” casting the veracity of everything noted in the report into question.