Will Apple release three versions of the iPhone 5?

A new iPhone upgrade is right around the corner, and an Apple fan site is reporting the company is testing three versions of the iPhone 5. But how many of them will actually make it into production?

You know summer is right around the corner when the next generation iPhone rumors start. Earlier today, we reported that the iPhone 5 will possibly sport a 4-inch display. And of course, those nano-sized, budget iPhones are reportedly in the works as well.

Now we’re hearing more about the supposed three versions of the iPhone 5 Apple could be releasing in June. Before we get into any details, let’s take a second to acknowledge we’ve heard the rule of three when it comes to Apple before. When iPad 2 speculation reached a fever pitch during the holidays, we heard there was a possibility Apple would be releasing a Wi-Fi only model, a Wi-Fi and UTMS model, and a CDMA model.

We’re (possibly) weeks away from finding out if there’s any truth to that rumor, and now it’s cropping up again – only this time, applies to the next iPhone upgrade. It also isn’t reserved for connectivity alone: Rumor has it Apple is working on three models of the iPhone 5 complete with hardware variations. Cult of Mac is reporting that “a Taiwanese Mac rumor site with a sometimes-accurate history of predictions,” (take that for what you will) claims Apple is in the process of testing “three radically different” iPhone 5 prototypes.

The first is simply some minor improvements. The hardware is, reportedly, nearly identical to the iPhone 4 but would have improved battery capacity and more megapixels on the rear-facing camera. It would possibly also include the upgraded (and still rumored) dual-core A5 CPU Apple has developed to run its new iOS devices.

Another is described as similar to a BlackBerry device, including a slide-out QWERTY keyboard. You read right – a physical keyboard, complete with the buttons Steve Jobs so notoriously loathes. It seems like a concession Apple would make in order to break into the pockets of more corporate users, a demographic it’s struggled with. At the same time, this seems downright crazy. Apple doesn’t typically introduce models that deviate so drastically very often, and last year’s iPhone 4 and iPad were considered major updates to its line. A keyboard phone seems like too big of a jump for Apple this year – which isn’t to say the Cupertino giant isn’t testing such a device. We just don’t expect to see it come June.

Apparently, nothing is known about the supposed third version, but it could possibly be the larger, 4-inch display iPhone 5 that’s been making the rumor rounds this morning.