According to the report, the new iPhone will be the first update to the iPhone SE model in two years and will feature 5G network capabilities, an improved camera and a faster processor.
Apple in October announced two new MacBook Pro models that run on more powerful in-house chips.
With the expected launch still more than a month away, Apple's plans may change in the face of production delays or other changes, the report added.
The company did not immediately respond to a Reuters request for comment.
Cupertino, California-based Apple is overcoming the costly global shortage in computer chips and posted record sales over the holiday quarter in January, beating profit estimates and forecasting that its shortfall is narrowing.
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