Apple (AAPL) Working on iPhone Nano? No Contract?

Apple Inc. (NASDAQ: AAPL) is reportedly working on a new version of the iPhone aimed at the more casual crowd in a move directed at the variety of Google Inc. (NASDAQ: GOOG) Android devices available across networks, according to a report from Bloomberg on Thursday citing a person claiming to have a prototype.

The device would be cheaper and smaller than the iPhone 4, while the company is also developing technology that makes it easier to use across multiple wireless networks.

Apple has reportedly considered selling the new iPhone for approximately $200 without the obligation to sign a two-year contract with a wireless partner.

Currently the iPhone 4 is available on AT&T Inc. (NYSE: T) and Verizon (NYSE: VZ) in the U.S. for $200-$300 with a two-year contract.

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