The new app is combining both these apps into one, this means, you will be able to Find your lost iPhone and track down your real friends from one single app from your iOS device.
Sources familiar with the matter told 9to5Mac that the new app will be available both on iOS and macOS as a Marzipan app.
The new app will reportedly have several enhanced functionalities in addition to the existing ones. The app, which has the codename "GreenTorch" is reportedly being tested by engineers at Apple already, and will add enhanced device tracking capabilities, as well as support for tracking other items similar in concept to how Tile's devices work.
According to Guilherme Rambo, the new application will include a "find network" feature which would ensure iPhones can be tracked, even when not connected to a WiFi or cellular network, which would be a big change to the way the system now operates. Tag locations will be shareable with friends and family, too. The app will also allow you to set up notifications for when a friend visits or leaves a certain location.
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The tag will also store the contact information of its owner which can be read by any iPhone or iPad once it is put into "lost mode". Apple is reportedly developing a new tag, codenamed "B389", which you'll be able to attach to an item you want to track. This device will be paired with a person's iCloud account by its proximity to an iPhone or AirPods.
The new unified app also comes with an improved ability to find a user's device.
The Find my Friends aspect of the app will let you share your location with your family and friends.
The hardware tracker could be announced as early as September alongside new iPhone models.