Apple has unveiled its replacement for the iPhone 5, iPhone 5s and the iPhone 5c, according to media reports.

"iPhone 5 was instantly the most-loved iPhone ever, and it had the most successful first year of any iPhone we've ever done," Apple CEO Tim Cook said Tuesday, "The business has become so large that this year we're going to replace the iPhone 5...and we're gonna replace it with not one, but two new designs."

The iPhone 5s is for the top end of the market, while the iPhone 5c is a second budget phone that will retail for as low as 99 U.S. dollars.

The iPhone 5s features a new innovative security device, a new home button Touch ID that reads a user's fingerprint to unlock the phone instead of relying on a pass code.

It also has a faster processor, called the A7, which is said to be "up to twice as fast" as the A6 processor in the current iPhone 5, and a longer battery life.

Available in silver, gold and "space gray", the new device is 56 times as fast as the original iPhone released in June 2007, Cook said.

With almost the same capabilities of the current iPhone 5, the iPhone 5c is sold at a lower price. A 16GB version will sell for just 99 dollars, while a 32GB model for 199 dollars.

The 5c will be available for preorder on Sept. 13 in five colors: green, blue, yellow, pink or white.

"The iPhone 5c is made with all the incredible technology customers have loved with the iPhone 5," Apple senior vice president Phil Schiller said.

"It's more fun and more colorful than any iPhone we've had yet."