I’ve been wondering which rumor was correct for weeks now: That Apple’s fifth generation iPhone will be named the 4GS or 5. According to CNN Fortune, both may be correct.

Report: Apple is building two (!) iPhones for September release

Fortune’s Philip Elmer-DeWitt reports that the 4GS may be a lower-end unlocked device with a pre-paid plan priced at $349. The 5 will be the new flagship iPhone product.