Apple has completed development of a new iMac slated for release later this year, according to a report from Bloomberg's Mark Gurman. This updated iMac is part of Apple's plan to introduce 11 new Mac models over the next two years.

The upcoming iMac will feature a newer chip, though whether it will be the M5 or M6 is unconfirmed. The report suggests no significant design changes, with the 24-inch LCD screen likely remaining. However, a future iMac model with an OLED display is reportedly in development for a later release.

The current iMac, powered by the M4 chip and launched in October 2024, is due for its first refresh in two years. It will continue to offer two configurations with varying core counts and ports. Apple previously discontinued the Intel-based iMac Pro and the 27-inch iMac, leaving only the 24-inch model. Rumors of a larger, Apple silicon-powered iMac Pro have not materialized.

Amid rising memory chip costs, Apple recently increased prices on all Macs. In the U.S., the iMac now starts at $1,499, an increase from its previous $1,299 price point.