All iPhones released next year will be 5G-capable with no new 4G models being introduced, according to Nikkei Asia.
Apple will also revamp its iPhone SE, its cheapest handset, for the first time in two years.
The iPhone SE will also be compatible with the next-generation communication standard.
The company will also not introduce an updated version of the iPhone Mini next year, after the premium smartphone with a smaller screen failed to catch on with consumers, sources added.
The budget 5G iPhone is set to hit the market as early as the first half of 2022, according to Nikkei Asia.
The first 5G iPhone came out in 2020, while Samsung, Xiaomi and Huawei were out with theirs in 2019.
The planned revamp of the iPhone SE next year will give Apple a full range of 5G offerings.
Apple declined to comment.