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Samsung already has plans for a successor to the Galaxy Fold, even though it has still not announced a release date for the first version of its foldable phone.
Priced at $2,000 (£1,640) the South Korean electronics giant announced the release of the device last year.
But issues with its innovative folding design meant that the launch was delayed.
The firm is expected to make an announcement about the device at Internationale Funkausstellung (IFA 2019), Europe's biggest technology convention, which opens in Berlin later this week.
However, a new report suggests that its arrival could be shortly followed by a cheaper, smaller version.
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While dealing with the problems relating to the Galaxy Fold, Samsung has been secretly working with American designer Thom Browne on a new foldable phone that is reminiscent of classic flip phones, Bloomberg reported.
The 6.7-inch device will fold inwards vertically into a "pocketable square" and will make use of Ultra Thin Glass to protect the fragile display.
This is a major departure from the slab-like design that has dominated the smartphone industry over the last decade.
With high-end smartphone sales sliding in recent years, several other phone makers have opted to develop a foldable smartphone in an attempt to entice new customers.
However, the Chinese technology giant was also forced to delay its folding phone in order to avoid the same issues that have plagued Samsung, namely breakages to the screen.
A Huawei spokesperson said in June that the firm didn't want to "launch a product to destroy our reputation".
After describing the Galaxy Fold as "the foundation of the smartphone of tomorrow" at its original unveiling, Samsung's delay was seen as a major setback for a company whose reputation was still dealing with the fall out from issues with the Galaxy Note 7 after a "battery cell issue" led to a number of devices caught fire.
Samsung does not comment on rumours about unreleased products but reports in South Korea have hinted that the Galaxy Fold will be launched in the country later this week and internationally in the near future.
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