As per Bloomberg reports and The Verge references, Apple is planning to launch not 3 but 4 new iPhones this year despite the global pandemic slowing things down.
As per the reports, there will be iPhone 12 (succeeding iPhone 11), iPhone 12 Pro and 12 Pro Max and a new addition which is going to be an update to iPhone SE.
Apple is planning to redesign the iPhone from its current curved to more flat, sharp stainless steel edges currently found in iPad Pro.
It also says that iPhone will carry a smaller notch to house selfie camera and FaceID.

It is not immediately clear if the lower models to the Pro line will have the same design as found in iPad Pro or carry the design of its current iPhone 10/11.
There are also rumors that Apple is bringing the cheaper model iPhone SE which had iPhone 5 design body to get updated internals and wear iPhone 8 body style.