Prosser says a cheaper Apple Watch will launch at next week's 'Time Flies' event

Apple will announce a new, cheaper Apple Watch during next week's "Time Flies" event. That's according to leaker Jon Prosser via Twitter today.

Prosser has previously said that we will see two models of Apple Watch this year but this is the first time he's offered up details, including a codename for the product. Note that the following tweet mistakenly says 42mm for the larger model – Prosser later confirmed it's 44mm.

Prosser also claims that the new, cheaper Apple Watch will take design cues from Apple Watch Series 4. But this isn't simply a rebadged model – it won't feature ECG capabilities whereas the Apple Watch Series 4 did. There will obviously be no always-on display, either.

The arrival of a cheaper Apple Watch alongside the new flagship model makes a certain amount of sense. Normally, Apple would simply move an older flagship model to a new entry-level price but there are problems with that this year. Apple can't keep Apple Watch Series 3 around any longer – it's getting too old and too slow – and it can't make Apple Watch Series 5 cheaper because, likely, it just costs too much to make.

Apple Watch Series 4 sits between the two, although the removal of ECG functionality is an interesting move. Could it be too costly for the price point Apple wants to meet? Given the fact Apple Watches with ECG have saved countless lives over the last two years, I'd like to see Apple take the hit and make sure all of its watches offer it.

Either way, all eyes are on Tuesday, September 15 to see what happens. Prosser's recent history hasn't been great in terms of getting these things correct but maybe this will be a return to form.