Contradicting rumors that Apple is set to release two or even there handsets into the competitive market, a leading analyst has said the company will unveil only one iPhone at its forthcoming Oct. 4 event.

According to Wedge Partners analyst Brian Blair, Apple’s fifth generation iPhone will not be a redesign of the current iPhone 4, but an incremental update, as it was reported in a release note to the clients.

"We don't expect a second, dramatically different iPhone to accompany this as we don't think Apple needs to have 3 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," Blair said in the release.

Blair pointed that there would be no reason for Apple to “bump up only the processor specs of the iPhone 4 in addition to a newly designed iPhone 5 if the goal is to sell it into the pre-paid market at a lower cost."

He justifies saying, "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."

Blair believes the focus of the new iPhone will be the iOS 5, a speedier A5 processor and a higher resolution 8 MP camera.

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He added, "We believe the casing will be largely similar to the iPhone with some particular modifications to the antennae.”

According to the analyst’s view, 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.