Likelihood: Very Low
Apple, like every other device maker, builds prototypes that often never leave the lab. Example: a 4.8-inch iPhone model with no home button, according to Jefferies & Company analyst Peter Misek. One of several iPhone 6 prototypes, the button-less model may include bleeding-edge features such as "full gesture control," says a Misek note quoted by Business Insider. An interesting concept, certainly. But Apple would need a pretty compelling reason, such an insanely great new UI, to ditch the iPhone's iconic (and very useful) home button.