Is Apple gearing for an “iPhone Nano”?

There are a bunch of rumors circulating that Apple will be slimming down on popular products such as the iPhone and iPad this year. For a while now many people are hinting at a release of a 7″ iPad. Now CBS has caught wind of a potential iPhone nano that will be significantly cheaper.

I’m not sure what an iPhone nano entitles hardware wise, but if it is released, it will be much cheaper than the original iPhone. Perhaps containing less space and not having all the bells and whistles of its big brother counterpart such as a front facing camera.

The 7″ iPad rumor in my opinion is more credible. The two most popular tablet sizes are 10″ and 7″, so not having a choice of hardware is a big downside for Apple consumers. This reason alone is why I bought a Galaxy 7.0. I was looking for something a bit smaller than the bulky iPad and Apple only has the 10″.

There have been rumors before this of an iPhone targeting consumers with a low budget, however nothing has panned out as of yet. As Apple continues to lose ground to Android based smart phones, it’s inevitable that they do release a cheaper version of their popular phone. However, just what kind of hardware will come with the iPhone nano is still unclear at this point.