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NEW YORK (TheStreet) -- Though immediate attention is going to be paid upon Apple's (AAPL) - Get Free Report upcoming earnings, the iPhone rumor-mill has already started.

The Wall Street Journal, citing sources close to the situation, notes that Apple is working on not one, but two larger iPhones for release later this year. Currently, the iPhone 5s and iPhone 5c measure 4-inches diagonally, but sources say the two models are going to be at last 4.5-inches, with one potentially being 5-inches.

Apple could not immediately be reached for comment for this story.

Apple's competitors, namely among them, Samsung, have larger smartphones that sell well, including the company's flagship phone, the Galaxy S4. It's expected that Samsung, which runs on Google's (GOOG) - Get Free Report Android operating system, will unveil its latest flagship phone, the S5, at this year's Mobile World Congress (MWC) conference in Barcelona, Spain.

In addition to the larger iPhone, Apple may scrap the plastic casing for the iPhone 5c, which comes in several colors, including white, pink, blue, yellow and green. This seems less likely, given Apple's penchant for not scrapping phones right out of the gate, though it did remove the iPhone 5 from its lineup, paving way for the 5s and 5c.

Apple is set to release quarterly results after the market close on Jan. 27, when we'll get exactly how many iPhone units were shipped, along with iPad, Mac and iPod units as well. Analysts surveyed by Thomson Reuters expect Apple to earn $14.08 $57.45 billion in revenue during its most recent quarter, ending in December.

Shares of Apple were higher in Thursday trading, up 0.25% to $552.833.

--Written by Chris Ciaccia in New York

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