The iPhone always receives its share of rumors on a daily basis. It can be very difficult to confirm all the conflicting reports coming out, so there is a need to get a thousand views of the stories out there. Recently, a new speculation about the iPhone has sprouted.

The so-called Apple’s Next Generation iPhone, or better known as the iPhone 5, has been a new trending rumor topic online and among Apple users. This upgraded iPhone 4 is said to be launched on September. This is because Apple usually releases new iPod devices at the end of September. A new report released by Bloomberg strengthens this speculation. According to the report, this next-generation iPhone will have the dual-core A5 processor same as with that of the iPad 2, a 3.7-inch curved glass display, tear drop design, and an 8 megapixel camera or a higher resolution shooter.

Another inclusion is the integration of iCloud. Together with iOS 5, Apple will also launch this around the same time the so-called iPhone 5 is expected. iCloud will enable fast and easy syncing of email, files, music, contacts, calendars, and other stuff of all the iPhone, iPad, and Windows or Mac users.

With the reports coming out, it’s expected that the iPhone 5 will have a faster processor, a better front camera for video chats, a separation of the rear camera and the flash, the dual LED flash which will give additional brightness to the images, and a larger display. While the processor upgrade has always been considered a given, there has been quite a bit of doubt as to whether or not the rear camera would have any improvement at all. Apple’s current 5 megapixel camera has been working very well over the past year, and even continues to be one of the best phone cameras available. However, with other handsets offering 8 megapixel cameras, the iPhone has to compete as well.

On the other hand, Apple’s notification system, the home, and the lock screen are said to have a complete revamp, which will hopefully address the needs of the iPhone users. Widgets, updates to iOS, and iOs syncing without having tie the phone to a computer are rumored to be included in the new iPhone. Everything is yet to be seen.

The iOS 5 operating system is also set to happen around the same time; it seems that Apple is simple delaying the release of iPhone 5 to go with the iOS 5. Though it has been confirmed that the iPhone handset is already in testing, there are no hardware leaks have yet appeared. What’s actually going to be in the phone or how will it look like remains to be a mystery. The improvement and new features are currently unknown.

The report of Bloomberg has also revealed that Apple is working on a less-expensive model of the iPhone to reach the developing countries. This handset is reportedly to use displays and chip similar to the iPhone 4 but in a lower priced model.