We know that Apple is hosting a virtual event on Tuesday, September 15. The company will probably unveil a new flagship smartwatch. But we may also see a more affordable option, too.

According to serial leaker Jon Prosser, Apple is going to show off a “more affordable Apple Watch” at next week’s event. The new smartwatch, which Prosser jokingly refers to as the “Apple Watch SE”, will come in two sizes: 40mm and 44mm. The GPS 40mm option is codenamed N140S while the GPS 44mm variant is codenamed N142S. The cellular codenames are N140B for the 40mm and N142B for the cellular.

This will effectively replace the Apple Watch Series 3 as Apple’s affordable Apple Watch option.

Prosser goes on to say that the new affordable Apple Watch will be based on the Series 4’s design. It will also trim back some of the features that are present in the high-end smartwatches from Apple. So the new affordable Apple Watch will reportedly drop the always-on display feature, and it won’t have a built-in ECG feature, either. There will be an M9 chip inside, though, according to Prosser. (The M9 motion coprocessor is found in devices like the iPhone 6s.)

Prosser’s subsequent tweets say the new smartwatch is not actually listed as “Apple Watch SE”, but rather “Apple Watch” and “Apple Watch Pro”. Prosser adds, “Who knows if those are the final marketing names”, saying they seem “odd” to him. And, indeed, that would be quite the change from Apple’s typical marketing scheme for the smartwatch lineup.

We don’t have long to wait to see how this all pans out, though. Apple’s event is on Tuesday, and if the rumors pan out we will see a new high-end Apple Watch, a more affordable smartwatch, and at least one new iPad model, too.

Are you looking forward to getting a new Apple Watch? Will you go for the more expensive model, or the more affordable option?