This is the big news that fans have been eagerly awaiting, prompting a leak- and speculation-fest in the months leading up to the big announcement.
As well as new iPhones, Apple is also expected to reveal a new Apple Watch model and possibly some new versions of the iPad Pro and the Macbook Air.
This is a developing story.
Apple's event starts at 10 a.m (1700 GMT) at the Steve Jobs Theater at its new circular headquarters building in Cupertino, California, named after the company's co-founder who wowed the world with the first iPhone in 2007.
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Rumours have been swirling around the web for weeks that three new devices will be released during the famous September keynote with a bigger smartphone and a cheaper all-screen call maker being unveiled alongside an upgraded iPhone X. The company recently became the first public US company to hit a market value of $1 trillion and remains atop the Forbes list of most valuable brands.
Other analysts have slightly different prices-$699, $969 and $1,069-but all are banking on Apple to raise prices again and deliver more revenue in the year ahead.
Those smartphones, he said, would also be pricier, helping Apple make more money.
The iPhone XR will have a 6.1-inch LCD screen and be available in 64GB and 256GB storage options. There's really no point for Apple to continue to limit the outlets it streams to. Last year's iPhone X - pronounced "ten" - represented a major redesign.