According to Bloomberg, the new version of the iPhone, called iPhone5, will have a faster A5 processor, an 8-megapixel camera, and support for iOS 5. The new handset will sport a design similar to the iPhone 4’s and will be released in September to coincide with iOS 5’s debut.

There’s also another rumor saying that Apple is developing a mass-market version of the iPhone to be sold in a much cheaper price in developing countries.