A very reputable source has claimed that Apple is working on a brand new casing color for all of its iPhone devices. This new casing is said to be of iPhone 7 Red Color and would look something like the picture shown below.
Same rumors also suggest that both iPhone 7 red color and iPhone 7 Plus red color will receive updated versions in 2017, which will be titled iPhone 7s and iPhone 7s Plus respectively.
It has become a tradition for Apple to release updated versions of its devices, so that’s definitely happening. Also, casing colors have become a big deal these days, so red color casing also seems pretty probable.
Do note that all of this information is based on rumors about Red iPhone 7, so nothing is official unless Apple or one of its subsidiaries reveals it themselves.