This image from Chinese blog WeiPhone looks like a bunch of Apple packaging in a bin. But folks it's so much more! Oh, no, actually that's exactly what it is. No one has been able to verify the "iPhone 5c" photo yet, and it could just show some knockoff packaging, but the nomenclature makes sense at least.
If the aluminium body upgrade that seems probable for September/October is called the 5S, a cheaper plastic model (also heavily rumoured) could be called the 5C where C stands for "colour"... or something.
WeiPhone doesn't really have a track record for directly reporting rumours, but 9to5Mac points out that the plastic packaging does look similar to the plastic trays in the current iPod Touch boxes. The hamster wheel that is iPhone rumours spins on. [MacRumors, 9to5Mac]