News by Todd Haselton on Sunday February 13, 2011.
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The device in question is reportedly half the size of Apple's iPhone 4 and is currently codenamed "N97." The new device is expected to retail alongside its current iPhone (or an updated version of it) on U.S. carriers at half the current price of the iPhone 4 (which retails for $199 or $299 depending on the model you buy).
Apple may also be working on a revision of its MobileMe service which will allow users to easier "access [to] entertainment and personal photos and videos," The WSJ said.
It's unclear when Apple might announce such a device but it usually makes new iPhone product announcements in June.
Todd is a senior editor at MobileBurn and works out of his home in New York City. He covers news for us and also writes reviews. You can follow him on Twitter at @RoboTodd