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  (Image: Designed by ADR Studios / Concept Phones www.Concept-Phones.com)
  Concept image of the iPhone 5.

Apple’s iPhone 5, the next generation iPhone, is set to be revealed Tuesday morning, during the “Let’s Talk iPhone” media event in California.

Many reports have already been released saying what the new iPhone will look like. This is what has been reported so far:

The new iPhone is reported to have Apple’s latest iOS mobile software, the iOS 5. It will also include added features such as a Notification Center, iMessage, Newsstand and Reminders. The new software may be also available for Apple's iPad, iPhone 4 and 3GS and the two most recent generations of the iPod Touch.

iCloud will be the iPhone's storage system that saves user's music, photos, apps, calendars, documents in cloud and wirelessly pushes them to all iOS devices owned by the user.

The iPhone 5's screen size may be a little larger than the last iPhone. Its screen size could range from 3.7 to 4-inches and it may also have a rectangular button instead of the circular one found on the iPhone 4. Some analysts said it could resemble a smaller version of the iPad.

Inside it will include a more powerful chip, a dual-core processor, a “World Mode” functionality and speedier HSPA+networking technology.

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The Smartphone will also come with an 8 MP camera that can take panoramic photos and film 1080p full HD videos. Recently, an iOS code section revealed that the next iPhone will allow users to take panoramic photos with the photo app.

It is believed that the media event's invitation title, "Let's Talk iPhone", is alluding to the new phone's voice-recognition features. The rumored phone's 1GB RAM is mainly featured as a means to support and run this feature.

Wireless charging is also expected to be integrated into the phone. 16/32/64 GB of internal storage are the hard drive specs that have been predicted for the iPhone 5.

The Smartphone will be carried by retailers Sprint, Verizon and AT&T.

These rumors and more will finally be revealed by Apple at the press conference at Apple`s Cupertino, California headquarters today.