Apple's 10th-anniversary iPhone, which is said to feature cutting-edge features and an innovative design, could come with a hefty price tag.

A new report has revealed that the Cupertino company's so-called 'iPhone 8' will cost users more than US$1,000 - making it the most expensive handset the firm has ever produced, Daily Mail reports.

The flagship smartphone is rumored to boast an edge-to-edge OLED display and 3D sensing that would ultimately double the price.

Surpassing the US$1,000 mark may sound outrageous, but Apple has already released a smartphone that gets close to the price - the 256GB version of the iPhone 7 Plus costs US$969.


However, "the new iPhone 8 is expected to be packed with many more features," reports Mark Sullivan with Fast Company.

Sources also revealed the new technology that could make its way into the device.

There are mixed feelings about the name for Apple's 5.8-inch phone, as some say it will be called the "iPhone 8", while others suggest "iPhone X".

Regardless, it is said to 'look something like a smooth black monolith, with few visual interruptions to its sleek design,' explained Sullivan.

The firm is also rumored to be launching two other smartphones along with the iPhone 8 - a 4.7-inch (the iPhone 7s) and a 5.5-inch (the iPhone 7s Plus).

Both the 5.5-inch model and the 5.8-inch model are believed to be equipped with the same camera used in the iPhone 7 Plus - the dual-lens camera.

And sources told Fast Company about features that have been floating around the web since last month.

It was first revealed by an Apple supply chain that the firm is ditching the aluminum back cover and replacing it with a stainless steel forging process that brings together two reinforced glass panels supported by a metal frame.

The new report also suggests '"pple has been working to remove the physical home button" and sources told Fast Company that the firm is looking to place it underneath the display - transforming it into a touch button.

"Our source says the technology is still 'evolving' but that Apple is likely pushing hard to get the new Home button into the iPhone 8, which it hopes will be the most feature-rich iPhone ever," Sullivan wrote.

The sources mentioned that Apple could replace the buttons on the sides of the iPhone with "touch-sensitive inlays in the metal".

And there is another feature that could contribute to the iPhone 8's large price - 3D-sensing technology.

However, it is not clear how Apple intends to add this feature to the device, but it could be used for identifying the user's phase and augmented reality applications, according to Fast Company's sources.