Though it is unclear what form the smartphone might take, the technology needed to create one is still being developed.

In September last year, analyst Ming-Chi Kuo had said that the foldable smartphone might not arrive until 2024, the report said.

Last month, it was reported that the bulky design of current folding phones does not align with the iPhone maker's design philosophy.

In October, industry analyst firm CCS Insight had forecast that the technology giant would begin experimenting with foldable technology soon.