According to several reports, the iPhone 8 is going to be the most radical redesign of Apple's smartphone range to date. And now, a major source has just revealed its biggest new feature, along with its most noticeable drawback.

According to Forbes, Nikkei, the world's largest financial newspaper, has reported that Apple will be launching three new configurations of iPhone in 2017. Two of these configurations are expected to be incremental updates on the iPhone 7 and iPhone 7 Plus (with iPhone 7S and iPhone 7S Plus branding), and the third one being the iPhone 8 with an all-new OLED display, measuring a massive 5.8-inches.

This would mean that the iPhone 8 will have the largest display of any iPhone ever made, along with being significantly larger than any current mass market smartphones. The good news for those who are worried that the iPhone 8 might be too big is that Apple will shrink the top and bottom bezels, making it smaller than the iPhone 7 Plus.

The bad news is that Nikkei claims the iPhone 8 will also be the most expensive smartphone Apple has ever released. This ties in with a recent report from KGI Securities' Ming-Chi Kuo stating that this flagship model will cost in excess of $1,000.

Interestingly, though, in October, Nikkei claimed that the iPhone 8 would sport a 5-inch display, meaning the phone would sit between the standard and Plus models. But as new information has surfaced, there is a credible explanation for how this came about.

Yet again, Kuo has the answer as he also claims that the iPhone 8 will have a 5.8-inch display but only 5.15-inches will be a screen. According to Yahoo! Finance, the rest of the space will feature a 'function area' similar to the Touch Bar on the new MacBook Pro line, which adapts towards whatever the user needs based on what they are currently doing.

This move will, again, pave the way for Apple to ultimately remove the iconic home button. As the upcoming release date for the phone draws near, more and more updates will be coming soon.