Gad Harari, 17, has set up a tent - complete with Apple MacBook laptop - and says he's already turned down an offer of £200. But, says the Daily Mirror, he'll hand over his spot outside the company's Regent Street store if he's offered at least £1,000.
Harari and his friend Noah Green, also 17, have been camped out since Monday, and say they've always been amongst the first to get a new iPhone. "This time we really wanted to be first," he says.
The iPhone 5S is said to be much faster than its predecessor and features a Touch ID feature that allows it to be unlocked via fingerprint recognition. It will come in gold, silver and 'space grey' and cost between £549 and £709. Also going on sale on Friday is the brightly-coloured, plastic-backed iPhone 5C, which costs £469 or £549.
Very unusually, the company isn't allowing preorders for the S5, possibly confirming numerous reports that it's extremely short of supply. In the one country where it has allowed preorders - China - the phone sold out within minutes.
It's not the first time that iPhone supply has been tight; and nor is it the first time that positions in the queue have been put up for sale. Last year, at the launch of the iPhone 5, more than 200 people queued for others in the US, in a service brokered by the TaskRabbit website. There, queuers were paid around $10 per hour.
In previous years, queues at the Regent Street store have been substantial, although they've tended not to form until a day or two before the phones go on sale. Harari may have to wait a while for a taker, or at least drop his fee a little: as of Wednesday morning, he and Green are the only people waiting.