Apple will reportedly announce the iPhone 5 at a media briefing on 4th October.
Steve Jobs' replacement Tim Cook will take the stage to make the announcement, according to AllThingsD.
The iPhone 5 will then be available to consumers "within a few weeks".
The long-awaited reveal will be Apple's first product launch since sweater-wearing ex-boss Jobs departed Apple last month amid continued health problems. It's also Cook's inaugural appearance as Apple CEO. Will he go for a jeans and turtleneck combo, too?
Previous rumours pegged the upgrade as being largely similar to the iPhone 4, but with the iPad 2's speedier processor.
An 8 megapixel camera, improved messaging and photo-sharing support courtesy of new iOS 5 firmware has also been touted.