Several rumors surrounding Apple’s next-generation iPhone handsets tend to resurface each year, and the imminent launch of an entry-level “iPhone nano” is one that we have seen regularly since Apple first launched the iPhone in 2007. China Times is among the first to bring purported news of a low-cost iPhone in the works this year, citing unnamed sources within Apple’s supply chain with its report. Apple is looking to expand expand its position in the low-end smartphone market according to China Times, and its $375 iPhone 3GS is too pricey to compete with entry-level Android smartphones. As such, the company is planning to launch a new low-end model later this year, possibly at or around the same time the sixth-generation flagship iPhone hits the market. More likely is the possibility that Apple will retool a current iPhone model in an effort to cut costs, but as we have learned in the past — and as we may soon see again with the possible introduction of an “iPad mini” later this year — the “iPhone nano” is rumor until it’s not.