Apple will unveil its next iPhone — perhaps called the iPhone 5S at a special event on Sept 10, according to AllThingsD.
The Cupertino company will also announce a lower-cost iPhone, encased in colorful polycarbonate, instead of aluminum, reports say.
Apple's iPhone launches are among the most-awaited and watched events on the tech industry calendar.
The latest launch comes at an important time for Apple, which continues to generate a lot of revenue from the iPhone but has seen its global market share dip because of lower-cost Android devices and an intense battle with arch rival Samsung Electronics.
Guess what, Samsung is likely to hold an event timed a week before Apple's iPhone's launch, according to sources familiar with Samsung's plans. The Korean electronics giant is expected to unveil a new Galaxy smartphone on Sept. 4 in Berlin.
Meanwhile, Reuters reported that the next iPhone will have bigger screens, will also be cheaper and will be available in a range of colors.
The new iPhone would hit store shelves in time for the holiday season.
Both the new iPhone and the rumored lower-cost version will be running iOS 7, which was announced at Apple's developer conference in June.
The new iOS features a flat new design including a radical redesign of the overall look of the iPhone’s menus and icons, better connectivity to the cloud and improved multi-tasking features, among other improvements.
The phone will also see camera and processor enhancements, as well as the fingerprint sensor.
Consumers, investors (and reportedly board members as well) have been pressing Apple for a more rapid pace of innovation.
Apple is also expected to formally launch the next version of Mac OS X, known as Mavericks,and has long been rumored to also be working on television and watch projects, though there is no indication about the launch of these products.