It won't be long until Apple's fabled low-cost iPhone, aimed at emerging markets, is officially available. According to Topeka Capital analyst Brian White, the device will be out in July, and launch in five colors: white, black, pink, blue and yellow. An earlier report from May claimed black may not be an option, with navy possibly slotting into the company's rainbow lineup.

White refers to the low-cost iPhone as the "iPhone Mini" despite the device rumored to come with a 4-inch display, the same as the iPhone 5. According to White, accessories for the device are already out in the wild—at Computex in Taiwan, for example—suggesting a possible release is imminent.

The upcoming iPhone is expected to have a plastic rear shell and be thicker than Apple's iPhone 5, with a more tapered look instead of a flat back. Projected prices of the device have varied wildly over this rumor's lifecycle, but recently reports have narrowed that down to $350-$400 without subsidies. Not exactly "cheap" when some devices on contract can be $99 and lower, but the device wouldn't be attached to a one or two year deal.

Apple's WWDC event is just days away, and while we're not expecting much hardware, a cheaper iPhone could potentially make an appearance, with a possible July release, as White suggested.