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The California-based technology behemoth has submitted patents and is prototyping folding screens to be tested within the company, but has yet to develop a full prototype handset, according to someone close to the project.
The idea is to create a hidden hinge that is secreted behind the screen and allows the phone to be completely folded in half along one axis, harking back to the good old days of the early 2000s when flip phones were all the rage.
These rumours are nothing new, and have been backed up by patent filings made by Apple, but so far we've seen nothing concrete to suggest they're considering bringing something to the market.
After all, the research and development arm of Apple must be huge, so only a fraction of the stuff they devise will ever hit the shops.
Samsung have already delivered on their promise to bring out a folding phone, one which folded vertically along the middle, and Apple might want to keep up with their competitors in that regard.
Not everyone was so blown away by that Samsung model - the Galaxy Fold - with some complaining the OLED screen was easily broke if the protective screen was removed, and the phone was prone to a glitch or two.
Others suggested the phone had a hinge that created an opening for dust and other grotty substances to get underneath the screen.
They later released a horizontally folding smartphone, the Galaxy Z Flip.
Motorola's update on the iconic Razr - which folded down the horizontal axis - also received mixed reviews.
It definitely looked the part, though.
Last February, Apple filed their patents quietly for some 'electronic devices with flexible displays and hinges', namely a smartphone with a foldable display.
That patent revealed they'd tried to address the problem of increased weight distribution at the hinge by adding a mechanism that flares slightly around that hinge, creating a different angle of pressure that is slightly wider that the pressure applied to the outside of the screen.
That deploys support flaps to hold up the screen and stop it sagging down.
Perhaps they needed to see what everyone else was doing to troubleshoot out some common issues?
Either way, it will be interesting to see what Apple eventually come up with, if anything at all.