The 4-inch iPhone 5se will go on sale on March 18, according to 9to5Mac's Apple reporter, Mark Gurman.
Gurman also predicts Apple will release its next iPad, the iPad Air 3, that same day.
Apple will reportedly announce both products during an event on March 15.
That means the iPhone 5se and iPad Air 3 would go on sale only three days after their respective announcements.
Gurman notes that Apple won't offer pre-ordering for either devices.
It's still unclear how much Apple will charge for the iPhone 5se, but it's claimed to be a "cheaper" model compared to the iPhone 6 and iPhone 6s. Many are expecting the iPhone 5se to cost around $500.
The iPhone 5se is said to have a 4-inch display — the same size as the iPhone 5s — which still proves to be a popular screen size among iPhone owners. According to a report from research firm Mixpanel, more than 30% of iPhone users are still on iPhones with 4-inch screens. That includes the iPhone 5 and 5s.
The 5se is also rumored to have a similar design as the iPhone 5s, but the front panel will have sloping curved edges like the iPhone 6 and 6s.
In terms of specs, it sounds like the iPhone 5se will be a mashup between the iPhone 6s and 5s. It'll have the powerful A9 chip of the 6s, as well as the Live Photos feature that takes a 3-second video with sound when you take a photo, and even NFC for Apple Pay. The iPhone 5se's camera, however, will be a similar 8-megapixel shooter akin to the iPhone 5s.
The iPad Air 3 is said to take a few features from the iPad Pro, including four speakers (two on the top and bottom edges), as well as a magnetic Smart Connector to connect Smart Keyboards.