The iPhone 5 could be launching at this year's WorldWide Developers Conference, set to take place in June, according to a report received by tech blog YouMobile yesterday.
The report also revealed that the handset will be 20 percent thinner than the current iPhone and will feature a 4-inch display with a higher DPI resolution.
WWDC takes place from June 11-15 in San Francisco, California.
In 2010, Apple launched the iPhone 4 during the event and the device went on to become one of the most popular Apple handsets to date.
The iPhone 5's unveiling taking place at WWDC 2012 is still just a rumor since Apple has not confirmed any news regarding the device.
Other rumors that have surfaced about its release date have said that is could launch much later in the year. The iPhone 4S came out during an event hosted by Apple in October named "Let's Talk About iPhone."
Some insiders are reporting that Apple will launch the next generation iPhone in the fall of 2012.
The October release was backed by Qualcomm, a company that manufactures parts for the iPhone who issued a report stating that there were issues with producing chips that would be needed to power the next-generation of LTE devices.
The iPhone 5 will most likely be an LTE device since the new iPad launched back in March and is compatible with the network.
Piper Jaffray's Gene Munster commented on the issue at Qualcomm stating that it points to the iPhone's launch getting pushed back until October.
"QCOM will likely support an Apple iPhone launch in October. Based on our checks, we believe the design win momentum of QCOM's 28nm products has been exceptionally strong and a 28nm LTE baseband is likely designed to the next iPhone," said Munster.