UPDATE: JPMorgan, now retract its previous claimings and now says the iPhone nano may come later (via TUAW).

Apple could be working on a cheaper version of the iPhone according to some analyst reports and hints found in the U.S. Patents and Trademarks Office filings.

Mainly pointed out by analyst reports, a recent patent application shows description of what could be a part of the user interface of a cheaper iPhone.

JPMorgan published a report based on this patent application and industry sources claiming Apple could release such a product during Q4 (calendar) of this year.

The patent filing's drawings are showing a phone with a similar form factor to the iPod and describe a technique of dialing numbers with the click wheel.

Meanwhile, Apple has filed the "Multi-touch" trademark on June the 30th with description as follows:

IC 009. US 021 023 026 036 038. G & S: Handheld mobile digital electronic devices with electronic mail, digital data transmission, audio player, video player, handheld computer, personal digital assistant, electronic organizer, electronic notepad, telephone, computer gaming, and camera functions, and computer software for use with such devices

Concepts described in patent applications not always end-up in released products though and as the "Multi-touch" trademark filing illustrates, the click-wheel's may be counted.