Apple is set to announce today the highly-anticipated details on the iPhone 5S, 5C and the iOS 7. The announcement will begin at 10 a.m. PT/1 p.m. ET from the Apple Campus in Cupertino, Calif. What can we expect from the two brand new versions of the iPhone 5?

Let's start with the iPhone 5C. According to ABC News, the 5C will be a cheaper plastic version of the iPhone, with recycled parts from the iPhone 4S. Leaked photos have shown that the phone will come in many colors, including green, white, yellow and blue. The idea for the phone is that it will be a cheaper model of the 5S, and may replace the 5 and the 4S on shelves, because Apple tends to drop the prices of older models once a new one is released. 

ABC News reports that the iPhone 5S will be similar to the 5 and the 4S, with newer features and a faster speed. The 5S may come in a gold hue, and may also have a fingerprint sensor that will allow people to unlock their phone with the swipe of a finger. Another feature that will come with the 5S is an updated camera. According The Guardian , the 5S will most likely come with an improved 13 megapixel camera, an increase from the 8 megapixels on iPhone 5.

How much will the new iPhones cost? Many tech websites have been speculating the prices of the supposedly cheaper iPhones. According to BGR, the iPhone 5C will reportedly cost between $400 and $500 without contract. iMore.com reports that with conract, the 5C may only cost between $49 and $99. iMore also reports that the on-contract pricing of the 5S may be $199 for the 16GB, $299 for the 32GB, $399 for the 64GB and $499 for a 128GB.

Since this is all speculation, we won't know for sure until the announcement later today, which will be blogged live from ABC News.