iPhone 5 Release Date: LG Prepping Screens for Upcoming iPhone 5

Apple plans to launch the iPhone 5 with a 4-inch display that will be manufactured by LG, according to an insider who leaked information to The Korea Times.

“Apple and LG Display are reportedly negotiating a $1.1 billion deal for a long-term supply of display parts for iOS devices from 2012 through 2016,” said technology website 9to5Mac regarding the new deal for Apple device displays.

The two companies are expected to discuss a larger 4-inch screen for the iPhone, and a smaller 7-inch screen for a new iPad.

“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 Korea Times.

Apple is rumored to be working on an iPad Mini and an iPhone 5 with a larger display for quite some time now.

If this insider information proves to be true, the iPad Mini should be a bit larger than Amazon’s 7-inch Kindle Fire tablet, a device that reviewers and tech blogs are calling the first true competitor for the iPad.

Amazon is also planning to release a larger 8.9-inch tablet later on this year, according to 9to5Mac.

A Kindle Fire successor is also expected to drop in the second quarter of 2012. Amazon’s tablet already received rave reviews in various publications.

The iPhone 5 was rumored to feature a larger screen since earlier this year. Moreover, Apple was expected to release the iPhone 4S, or iPhone 5 before the end of 2011, but ended up dropping the 4S and pushed the 5 to 2012.

The iPhone 5 should include a new A6 quad-core processor.

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