It's been a while since we last heard rumors of a refreshed iPhone SE, but they've been floating around ever since the device was first introduced in March 2016. Back in November 2017, the new, smaller iPhone was totally definitely coming in the first quarter of 2018. Obviously, it never happened.
According to Nikkei, it's actually coming in spring 2020. As per the report, the new iPhone will have a 4.7-inch LCD that will be similar to the iPhone 8. Pricing isn't known, nor is the official name, but it's to be seen as a successor to the original iPhone SE.
It's also not known if the device will have a home button or if it will be more similar to the current generations of iPhones. The original iPhone SE had a four-inch screen, made for people that didn't want to adapt to the larger 4.7- and 5.5-inch iPhones of the time. It's entirely possible that this could be styled completely after the iPhone 8, for those that don't want to adapt to the new gesture-based navigation.
According to the report, the new iPhone SE is primarily to help with its "slipping" market share. Producing a lower-cost device means more units sold, and more people that have access to the Apple Card, Apple Music, Apple Arcade, and more. If history is any indication, the new iPhone SE will have similar internals to current iPhones, such as the new A13 processor.