Samsung is reportedly producing the A6 chip for the next generation iPhone, and the new processor is rumored to be nothing more than a modified version of the quad-core Exynos 4 series featured in the Galaxy S3.
YouMobile.org cited some "inside sources" for the information.
Apple has tested the next generation A6 with four processor cores at the TSMC foundry earlier this year.
The A6 chip is expected to have the ability to integrate multimode LTE radio, and it will also be built on the 28nm process.
NFC (near-field-communications) chips are also expected to be built into the next generation iPhone.
9to5Mac recently analyzed PreEVT iPhone 5,1 and 5,2 prototypes codenamed N41AP and N42APand that lead to its discovery of the device featuring a 1136 x 640 display and an NFC chip.
The Near Field Communications controllers will be directly connected to the power management unit, according to the site.
This shows that Apple is ready to compete with other companies such as Google, who already has launched its NFC-powered Google Wallet electronic payment service.
Experts have also weighed in on the feature being added to the wildly successful smartphone.
"Opinion is that Apple is going to incorporate NFC into Passbook. Apple just thinks about how they can make it really easy for the user, and then they figure out how to monetize it," said Jim Peters CTO of SITA.
Apple demoed the new Passbook application at this year's WWDC that allows users to manage boarding passes, movie tickets, store cards, and other passes that have QR codes barcodes, or visual codes.
Apple is expected to announce and launch the next-generation iPhone in the fall of this year.