A cheaper iPhone 5 for emerging markets has been hinted at for a while now. Apple has denied all such rumors, but a recent report from iLounge suggests otherwise.

After revealing pretty much everything about Apple’s latest redesign for the next-generation iPad, iLounge’s Jeremy Horwitz now has the scoop on the cheap iPhone 5 that’s been rumored since early this year. He confirms a number of rumors about the device that we’ve been hearing for a while now, but there’s some new information to be had as well.

First and foremost, the cheap iPhone 5 will indeed be made out of plastic. That being said, Horwitz says that it won’t just be an iPhone 5 made out of plastic. The new device will reportedly borrow design elements from several products of Apple’s past and present to create a pretty unique device.

According to Horwitz, the cheap iPhone 5 will still remain about the same size as its more expensive brother. Specifically, the cheaper version will only about half-millimeter taller, half-millimeter wider and a half-millimeter thicker. The display will still be 4-inches, just like the iPhone 5. Since most people won’t notice the size difference, the cheaper iPhone 5 will look almost identical to the current iPhone 5 from the front.

The device’s design, however, will reportedly change once you start to look at the side, back and bottom of the device. For starters, the curves of the device will be more similar to that of the iPod classic in that the back and sides are flat, but connected by a curve. The volume buttons on the side will also shift from the circular buttons of the iPhone 5 to the elongated pill designs of the iPod Touch.

Finally, the back of the device will feature a camera, microphone and rear flash that are almost identical to the layout of the iPhone 5. The bottom is also similar to the iPhone 5 in that it features a headphone port, Lightning port, bottom microphone and speaker in roughly the same positions.

The cheap iPhone 5 isn’t the only iPhone coming out this year. The next iteration, dubbed the iPhone 5S, is also reportedly on the way later this year. Check here for more details.