Especially because it seems like high-end phones are getting bigger and more expensive, there's been a lot of interest in rumors over the last year or so that Apple will release another value-priced model. The iPhone SE provided strong performance in a small package in 2016, and now, 9to5Mac cites their sources claiming Apple will use the name again on a phone that could launch very soon, with orders starting as soon as Friday. Of course, that would be an extraordinary debut under any circumstance, and especially now as the company's stores are closed in most countries around the world.
Previous rumors have suggested that the cheaper device could look a lot like an iPhone 8, and 9to5Mac also points out a listing for a Belkin screen protector that recently updated to mention the SE as well. As far as specs, they're suggesting three tiers of storage at 64GB / 128GB / 256GB, and three colors: white, black and Product (RED). If the rumors hold up, then it would replace the iPhone 8 in Apple's lineup, while featuring a version of the newer A13 processor that powers the iPhone 11 series.
It seems certain that Apple will launch a new, cheaper model at some point if only to simplify its product offering around devices with similar components, but with the coronavirus pandemic affecting every level of logistics there's room for more variation than usual as to when such a product might arrive.