But what can we really expect? A full blown fifth iteration of the iPhone pumped up with new features? Or a new midrange version of the iPhone 4 that was released last year? Or even both?
Digital Spy has a gaze into its crystal ball to see what Apple might be preparing to unleash with the iPhone.
The overriding speculation - backed up by various leaked reports from mobile carriers and retailers - is that Apple will hold one of its glitzy press conferences on October 5 to announce new additions to the iPhone family, followed by a full launch of the product, or products, ten days later.
This would chime with previous launch strategies from Apple, with the firm known for keeping its new products as secret as possible, being the most valuable company in the world, and then quickly rolling them out following a blockbuster reveal.
What we can exactly expect from the next iPhone remains a matter of speculation, but some of the many rumours swirling around the iPhone 5 are just too big to ignore.
Among the speculated features for the iPhone 5 is a teardrop design similar to the new iPod Touch, being thicker at the top and thinner at the bottom.
The device may have an aluminium metal backing rather than the current glass back piece, along with an improved antenna following the problems that dogged the iPhone 4.
The iPhone 5 is also rumoured to have a better camera (potentially up to eight megapixels), along with support for 1080p full HD videos, better battery life, wireless charging capability, and compatibility with the emerging 4G next-generation mobile services.
Geared for the iPhone, iPad and iPod Touch, iOS 5 will offer more than 200 new features including improved notifications, Twitter integration and messaging system iMessage.
The latest iPhone 5 rumour, reported just yesterday, indicates that it will feature a system-wide voice navigation system, powered by iOS 5's Nuance-powered speech-to-text software that enables the user to carry out commands without touching the device.
Possibly more interesting, though, is speculation that Apple could introduce a new iteration of the iPhone 4 aimed predominantly at midrange consumers, along with emerging international markets such as China.
Despite the massive sales and success of the iPhone, the product's high price point has rather priced the device out of lower end markets, allowing cheaper Blackberry and Android phones to gain traction, particularly among younger smartphone consumers.
It is widely thought that Apple will announce the iPhone 4S, or iPhone 4 Plus, next month, delivering many of the core features of the iPhone 4 but with a more affordable price tag, both as a standalone product and on mobile service contracts.
The iPhone 4S could well make the most of Apple's advances in chip and production technologies to ensure it boasts advanced functionality yet with a reduced cost.
So, all we have at the moment are rumours, but what is pretty clear is that some big iPhone announcements are coming soon from the California-based technology giant and the chances are that the products, whatever they may be, will sell faster than hot cakes.