Brightwire.com, translating stories from the China Times and Taiwan-based Commercial Times, said the iPhone Math would feature a 4.8-inch screen and an 8-megapixel camera.
Brightwire could offer no explanation for the odd moniker, especially since all previous and current iPhones have model names consisting of just numbers and letters, such as the iPhone 3G and the iPhone 5.
If Apple does indeed release three separate iPhones, it will be a significant departure of its practice of unveiling just one high-end smartphone each year, PC Magazine reported.
Also, Apple has moved to waiting until fall before unveiling its newest smartphone, reserving earlier announcements for its Mac computers and latest version of Mac OS X and iOS operating system software.
Apple may be considering multiple phone offerings to better compete with its chief rival, South Korea's Samsung, which offers cellphones in multiple sizes, colors and features, PC Magazine said.
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