Apple has placed orders for as many as 70 million bendable OLED panels with Samsung for use in its next iPhone iteration, which is expected to be launched later this year, according to a report.

"Apple has ordered 70 million units of OLED panels from Samsung this year, while Samsung is preparing to churn out as many as 95 million for Apple in 2017, in case demand exceeds expectations," David Hsieh, senior director at research company IHS Markit, told the Nikkei Asian Review.

Hsieh said Samsung would be the sole supplier for the OLED display panels as it has the most advanced technology in the market at present.

"It is also possible that some of these 70 million handsets will not be shipped to customers this year and be carried over to next year depending on demand," said Hsieh.

Apple is expected to launch three iPhone 8 models this year, which marks the tenth anniversary of the iPhone. The latest model is expected to pack a slightly curved OLED screen, with the panel expected to be of 5.2in. The remaining two iPhone models with 4.7in and 5.5in screens are likely to come with LCD display, but without curved screen.

Jeff Pu from Taipei-based Yuanta Investment Consulting told Nikkei that Apple can ship as many as 100 million new iPhones this year, which include about 55 million OLED iPhones.

The source added that the new iPhones are expected to support wireless charging and would be waterproof. One of the three models may have a 3-D sensor that would allow facial recognition. The premium iPhone variant would be without the home button, whereas the other two models would retain the feature.