iPhone 5 Release Date: Larger iPhone and iPad Mini Coming Soon? (VIDEO)

Amid rumors of a larger iPhone, as well as an iPad Mini to be released in the coming year, LG Display is reportedly meeting with Apple and looking to develop the next line of display parts for the iOS devices.

Both companies are now in negotiations for a $1.1 billion deal.

An industry insider spoke to The Korean Times and broke the news: "Next year's iPhone to feature a 4-inch display by LG Display, half an inch larger than the 3.5-inch display and retina display resolution will remain unchanged because LCD is currently being regarded as the right solution to offer value with better cost-cuts."

A smaller version of the iPad is reportedly in the works, as well. Apple's next tablet will sport a 7.35-inch display.

"A meeting between Apple and LG Display is reportedly due to take place in the next few days and one of the topics of conversation will be Apple’s plans to introduce a 7.35-inch tablet,” said the IDG news website.

Samsung is currently planning to develop the A6 processing chip. Apple's upcoming iPhone 5 and the iPad 3 will feature Samsung's A6 chip. Samsung, at the company’s Austin manufacturing plant, is currently producing Apple’s A6 processing chip.

A rumored iPhone model with LTE technology is also said to be arriving in 2012 for Sprint. Some have said this LTE-powered device could be an improved iPhone 4S or the new iPhone 5 altogether.

Samsung is trying to become Apple's main parts supplier beyond 2012 and into 2013 to 2014.

A prototype build of Apple's forthcoming iPhone 5 smartphone was recently found by a source for Business Insider. Business Insider was reportedly contacted by an industry source that tested a prototype iPhone 5.

The source revealed many details on this highly anticipated smartphone: "This source said that he spent about two weeks with one prototype version of this phone,” said Business Insider. "We've been told this by an industry source that has been right about future Apple products in the past."

The official iPhone 5 is expected to make its grand debut next year with a significant redesign.

The following video displays the difference between an LG Retina and Samsung Amoled display:

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