In a wide-ranging interview this week, Mr Wozniak said he feared Apple could fall behind its rivals if it does not release a similar device.
Apple is never usually the first to bring out a new device but the tech giant has a habit of being a market leader when it does.
Smartphones, tablets, smartwatches and personal computers were all invented before Apple released their own versions, but the Cupertino company's devices have come to define their product categories.
A foldable iPhone could therefore take on the recent releases from the likes of Samsung and Huawei, even if it arrives a year or two late.
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Speaking to Bloomberg, Mr Wozniak said Apple had been focussing on incremental upgrades and new software to improve its range of handsets, rather than anything as physically groundbreaking as a new form factor.
"Apple has been a leader for quite a long time in a few areas such as Touch ID, Facial ID, and easy payment with the phone," Wozniak said.
"They're not the leader in areas like the folding phone, and that worries me because I really want a folding phone."
The Apple co-founder added that the success of the iPhone from 2007 onwards may have led to complacency when it comes to innovation.
"They just got so successful on the iPhone and that was their whole business for a long time," he said. "Now they're branching out so a lot of their businesses have been very good."
With little real-world testing, it is difficult to say whether the usefulness of foldable phones will lead to them replacing traditional smartphones on any significant scale. Should this prove to be the case, however, Apple may once again hope that being late to the game pays off.
Renders created by Dutch designer Roy Gilsing have imagined what a folding Apple phone might look like. The images reveal a narrow device that transforms into an iPad-style tablet.
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