The iPhone 5 is reportedly an incremental upgrade over its predecessor, like the iPhone 3GS.
The successor to the iPhone 4 is reportedly scheduled to ship in September this year, according to Apple's suppliers.
reports that production of the new iPhone is set to begin as early as July, with previous rumours of a 2012 release date apparently being proved false. The site claims to have spoken to three people with direct knowledge of the supply chain of the device, who spilled the beans about the suspected 2011 launch.
However, you may be disappointed if you're expecting a revolutionary new phone, as the yet-to-be-released iPhone 5 is shaping up to be more of an evolution of its predecessor than a radical new design. It will apparently look similar, and the only noticeable upgrade will be a faster processor.
This flies in the face of many wish lists for Apple's next phone, with a better camera, dual-core processor and more internal storage proving to be the most lust-worthy upgrades.
If these rumours prove to be true, we'll essentially see just a refresh, or the equivalent of an iPhone 4GS when it launches in September, with the iPhone 6 still rumoured to be set for a 2012 released date.
What features and hardware changes would you like to see in the next iPhone? Would you rather have an Android or Blackberry device? Let us know your thoughts in the forums