Should we expect to see two new iPhones in September? Although it’s an interesting possibility, it doesn’t seem very likely.

Deutsche Bank analyst Chris Whitmore claims that Apple will be releasing two iPhone models in September: a completely new model — referred to as the iPhone 5 — and an essentially souped-up iPhone 4 called the iPhone 4S.

“With Nokia and RIMM struggling, the time is right for Apple to aggressively penetrate the midrange smartphone market (i.e. $300-500 category) to dramatically expand its [total addressable market] and market share,” Whitmore says.

Whitmore believes that an unlocked iPhone 4S with a $350 price tag and a prepaid voice plan would be able to penetrate markets that previous iPhone models have been unable to. Such markets include Africa, Asia and Latin America, where prepaid voice plans far outnumber post-paid plans, which dominate here in the United States.