Two of the top manufacturers joining forces to create the next-generation smartphone? It sounds too good to be true. However, it might be inevitable as speculation is now emerging of Apple's plans of using Samsung-made technology to boost the performance of the lauded iPhone series.

According to a report from Korea Times, a Samsung Display executive spilled the beans on this upcoming development. While no specific release date was promised, the two companies have reportedly been discussing future iPhones and replacing the current LCD screen technology with the OLED panels.

"Samsung Display has recently renewed talks with Apple to supply its small-sized OLED displays for the next iPhones to be released in a few years, which I believe is around 2018," the insider explained.

Apple moving on from their current LCD screens has been discussed thoroughly, but this move is beneficial to both companies as it allows Samsung Display to diversify its portfolio beyond just Samsung devices.

"Samsung Display-manufactured OLED displays have so far been used in all Galaxy flagship smartphones," the executive continued. "But demand for handsets will remain weak as time goes by because the handset industry will be reshaped further. Samsung Display needs to have a long-term contract with new and trustworthy major customers for OLED displays."

The source added, "If Samsung starts to ship OLEDs for new Apple iPhones, then this will be huge."

Currently, LG Display is supplying the most of the panels for the iPhones. While Samsung's OLED display has its advantages, its rival's LCD panels are easier and cheaper to manufacture, which is a definite plus for Apple should they want to keep their profit margin as large as possible.

"Prices are being brought down and other technological issues are rapidly being addressed." He added, "If Apple adopts OLED technology in its next iPhones, this will benefit the entire ecosystem in the global display industry."

Before the 2018 iPhone release that may or may not feature Samsung Display technology, there are still a few more iPhone models in between. The next one, dubbed the iPhone 7, will be another level higher than the previous installment that's already been praised by critics and fans alike.

A report from Neurogadget revealed more details about the next iPhone. The iPhone 7 will reportedly come in a thinner package with glass-on-glass panels. There is also news that says the Apple handset will be waterproof with a higher resolution than its predecessors alongside better rear and front cameras.