Image: iPhone X . Photographer: Michael Nagle/Bloomberg

WASHINGTON - Apple is reportedly working on a foldable iPhone to be released by 2020, as reported by CNBC.

According to Wall Street firm Bank of America Merrill Lynch, Apple is working with Asian partners to make a whole new iPhone design. 

Senior analyst Wamsi Mohan wrote a note to clients today after meeting several Apple suppliers in Asia. 

“We expect the iPhones this fall to be largely unchanged for the OLED versions although size changes have proved to be a catalyst in the past,” Mohan wrote, “Our checks also suggest that Apple is working with suppliers on a foldable phone (that potentially could double up as a tablet) for launch in 2020", the note said. 

A Korean media outlet reported last October that Apple was teaming up with LG, but that report only cited anonymous industry sources.

According to the report,  Apple would order foldable OLED panels that could start production in 2020. 

Samsung and Lenovo have already demoed phones with foldable screens, but neither have actually released such a device on the market. 

Media reports suggested that Samsung is working on a phone with a foldable screen, which is rumored to be called the Galaxy X and is set to launch this year. 

It has also been revealed that the company will create a rollable tablet after a patent was given to the company in January and images of the design were shown.

Given the patents and demonstrations out there, it seems like foldable screens could be the next big thing in smartphone designs. 

READ ALSO: WATCH: Samsung to create a foldable device and rollable Tablet

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- BUSINESS REPORT ONLINE