The company is said to be working on these new projects in hopes of making its smartphones stand out in a sea of competition. The only catch with the new features is that they won't be available for at least two years, according to Bloomberg.

Instead of curving outwards towards the edges of the phone, Apple is considering displays that have a concave curvature that slowly dips towards the center from the top and bottom.

Samsung now uses smartphone screens that curve, but its curved screens slope down at the edges, rather than from top to bottom.

Apple has yet to embrace curved displays, but that could soon change. But Apple's long-lasting distaste for curved displays may be going the way of its hatred of big-screen phones - which was legendary back in the day before the first Plus iPhone launched. The 10th anniversary iPhone's OLED display curves slightly at the bottom though it isn't that visible to the human eye.

Apple's always been said to be working on new technologies to build into its lineup of iPhones, and today's report out of Bloomberg corroborates these rumors. However, it's highly likely that the company's work on MicroLED is still in the early stages and it would take years before it is completed. After all, Apple's said to be sourcing most of its OLED technology from the South Korean giant anyway. This new feature could integrate well with the already existing 3D Touch feature that senses the pressure of touch input.

Samsung offered similar gesture controls, dubbed Air Gestures, on its Galaxy S4 smartphone years ago.

Apple didn't respond to a request for comment Wednesday. To stay ahead, Apple needs compelling new features and designs.