It is not clear if it is going to be an upgraded version of the existing iPhone 4, or an altogether new generation of the iPhone. Bloomberg reported that the new iPhone model would come with an A5 processor which was earlier added to iPad 2 this year.

The new iPhone would also come with an 8-megapixel camera, which means that images that we take would be simply superb. Earlier, we had heard that the new iPhone would be released anywhere between August and early next year. However, Apple seems to have decided to launch the new iPhone in September so that the release date coincides with the debut of iOS 5. The new iPhone would closely resemble iPhone 4, and may be called as ‘iPhone 4S‘ or ‘iPhone 4 Plus‘.

However, there are also counter-arguments within the industry that the new iPhone could actually be iPhone 5. If that is the case, I am sure it would cause a lot of feathers to be ruffled, especially that of Google’s. Improvements include the 8 MP camera, faster messaging, A5 processor, iOS 5 and of course the sleek and slim design for which we love iPhone 4 so much. At this point of time, it is not clear if the new iPhone is really going to be an upgradation of the existing iPhone 4 or an altogether new generation of the iPhone: the iPhone 5. In fact, an article in The Guardian seems to suggest that the new phone could be an iPhone 5 and that it would have the same form factor as iPhone 4.

This latest piece of information will fuel further rumors, some of which may be reliable and some may not be. However, all the juicy gossips would lead us to believe that September will see some really good things happening for Apple fans. Apple is apparently also working on a parallel version of the iPhone which would be affordable for people living in the developing countries. You could also take a look at what we wrote about iPhone 5 sometime back.