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Cramer on Apple's iPhone 7: 'Boy, do we ever not want it'

Cramer: Rumors of the new iPhone

CNBC's Jim Cramer said on Tuesday that the hype around Apple's next generation iPhone is the "least amount" he's seen for a phone unveiling.

The leading technology company is expected to unveil the iPhone 7 in San Francisco on Wednesday. The updated iPhone reportedly offers a dual-lens camera and a thinner, water-resistant frame, among other rumored features, but lacks a headphone jack.

Analysts have raised concerns that the iPhone's features may underwhelm consumers as being too similar to last year's model.

"The press ahead of this [event] is kind of like, 'Unless you've cracked your screen, you're not gonna buy it," Cramer said Tuesday, on "Squawk on the Street."

"This is the least amount of hype ... No one wants it. We haven't seen it yet, but, boy, do we ever not want it," he said.

Apple could reportedly also unveil the Apple Watch 2 and the next generation in the Macbook Pro line.

Cramer said Apple's stock could move Wednesday, depending on what it says about its service revenue stream or excitement around the new watch.

Apple's stock was trading slightly lower at $107.71 Tuesday morning.