Apple (NASDAQ:AAPL) will release a new iPhone in September with a faster processor and improved camera, according to Bloomberg.
The report, citing two unnamed sources familiar with the matter, said that the new iPhone will be powered by Apple's A5 chip, which runs the company's iPad 2 tablet. Additionally, the new iPhone will closely resemble the iPhone 4 but will have an 8-megapixel camera instead of a 5-megapixel camera. Most top-flight smartphones have 8-megapixel cameras. The report added that Apple is busy finishing a cheaper version of the iPhone aimed at developing countries, something Apple COO Tim Cook hinted at in February.
Interestingly, the report also said Apple is working on a new version of the iPad that has a screen similar to the Retina Display on the iPhone 4. The new iPad's screen resolution will be about one-third higher than that of the iPad 2 and boast a more responsive interface.
An Apple spokeswoman did not immediately respond to a request for comment.
Earlier this year reports circulated claiming that a new iPhone will launch in September. When Apple did not unveil a new model at its Worldwide Developers Conference earlier this month, those reports gained more credence. There has also been speculation that the new iPhone will be available from Sprint Nextel (NYSE:S) and T-Mobile USA.