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  A mock-up of the iPhone 5.

Apple will release arguably its most-anticipated new gadget tomorrow. The company’s new CEO Tim Cook is expected to launch the latest device at its “Let’s Talk iPhone” event Tuesday at its headquarters in California.

Latest rumors have said that the new iPhone is rumored to be called the iPhone 4S, and not iPhone 5.

The iPhone update will come with a faster software and hardware, including the much anticipated speech-to-text feature. It is also expected to come with an 8 megapixel camera. The iOS 5 will also be unveiled.

A leading analyst has claimed that Apple will only release one new iPhone model in October, contradicting rumors that the company is set to release two or even three handsets into the competitive market.

Wedge Partners analyst Brian Blair has released a note to clients saying: "We don't expect a second, dramatically different iPhone to accompany this as we don't think Apple needs to have three models in the market to address the high end, mid-tier and low end since the iPhone 4 (with memory lowered to 8 GB) will drop to $99 and effectively attack those markets.”

The analyst has said, "Our view is that pre-orders for the iPhone will start within days of the event and units will be available within 10 days of the start of pre-orders. We believe the new iPhone 5 will offer slightly modified hardware on a faster processor.”

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He also went on to cast doubt on rumors that an iPhone 4S and an iPhone 5 could be forthcoming in October.

"A 4S would simply cost more and a 4S itself wouldn't create a mid-tier market unless it was priced at $99 and the iPhone 4 went to $49 with the new iPhone at $199. We see this scenario as unlikely,” he concluded.