Apple store regent street
An Apple iPhone 7 is seen in the upgraded Apple store on Regent Street Leon Neal/ Getty Images

Apple is reportedly set to double the storage capacity for its upcoming "iPhone 8" smartphone, with the top model clocking in at a whopping 512GB. The fresh rumour, alongside renewed claims that the phone will pack 3GB of RAM, all-but confirms what we've known for quite some time - the 10th anniversary iPhone is going to carry a hefty price tag.

According to a post on Chinese social media site Weibo (via MacRumors), the so-called iPhone 8 - also referred to as the OLED iPhone based on its rumoured display upgrade - will come in 64, 258, and 512GB storage variants.

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As for the other two, more traditional offerings among Apple's reported trio of iPhones set to be unveiled in the coming weeks, the unverified post suggests that the iPhone 7S and iPhone 7S Plus will retain the same storage capacity options as their S-less predecessors last year.

KGI Securities' ever-reliable analyst Ming-Chi Kuo has also now stated that the iPhone 8 will similarly outdo its sister phones by increasing the RAM count to 3GB rather than 2GB.

Considering Apple's history of pairing bespoke power-efficient processors with relatively low memory totals, it's a tad frightening to imagine how the OLED iPhone will perform in the flesh.

Kuo noted that all three models will be between 10 to 15% faster than the iPhone 7, with Apple eyeing a silky smooth augmented reality (AR) experience - a nascent technology the Cupertino giant and its CEO Tim Cook are more than a little keen on.

Should all of the above be true, if you combine it with the edge-to-edge OLED screen, market-leading facial recognition tech, and AR smarts all hotly-tipped to debut on Apple's upcoming special edition iPhone, it all starts to paint a very, very expensive picture.

The absolute top-end iPhone at this moment is the 256GB edition iPhone 7S Plus, which would set you back a cool £919 if bought from the Apple Store in a single lump sum. At this point, it's almost certain that at least one, or maybe even all models of Apple's long-awaited anniversary device will break £1,000.

The question is - just how high can that price go?