Earlier this month at a press conference, Apple surprised the world by not announcing the full-blown fifth iteration of the iPhone, but instead introducing the iPhone 4S.
The new handset, an update on the 15-month old iPhone 4, features an A5 dual-core processor, an eight megapixel camera, full HD video and new voice control assistant Siri.
However, various sources have now claimed that Apple actually has a fully re-designed iPhone in development that more closely fits with the various iPhone 5 rumours that circulated before the iPhone 4S reveal.
Reports suggest that Apple encountered problems in the production process with the iPhone 5, meaning it would have missed the key Christmas market with the handset.
The firm therefore shelved plans to unveil the iPhone 5 this month, and instead introduced the iPhone 4S, which went on to rack up 4m sales in its first weekend.
Apple is now expected to launch the iPhone 5 in summer 2012, probably at the Apple Developer's Conference, where it has traditionally unveiled new iPhone products.
CNET reports a source as saying that Jobs "dedicated all of his time" to the iPhone 5 project, and "was not that involved in the 4S because his time was limited".
Ashok Kumar, an analyst at Rodman & Renshaw, has also claimed that the iPhone 5 was "the last project that Steve Jobs was intimately involved with from concept to final design".
Kumar believes that the smartphone will become a "cult classic" due to its emotional connection to the visionary Apple leader, who lost his battle with pancreatic cancer this month.
According to sources close to the development, the iPhone 5 will have a slimmer, 'tear-drop' form factor with a larger screen, and also support new 4G connectivity.