Just a few days ago, JP Morgan Chase analyst Kevin Chang cited a report that there may be a iPhone Nano on the way, but that idea was squashed yesterday by colleagues of the financial services giant. So what’s the truth?

Well, for now, Apple’s keeping quiet about it, but the idea would seem in line with their products and also the goal of offering something similar to people who may not be able to afford the hefty $500 price tag. Plus, it provides the option of having a scaled down version of the most talked about gadget of 2007. Reports estimate that this phone could cost about $300 or less, and it would offer less of the technological amenities of its predecessor.