Apple did not show off a new iPhone as per usual at its latest Worldwide Developer's Conference; according to two analysts the famous tech company is waiting for September to do so.

Deutsche Bank analyst Chris Whitmore said Apple will release two iPhones in the fall - an iPhone 5 and the iPhone 4S. The result of the second phone will be an attempt of Apple's to reach the mid-range smartphone market. Typically, the company has only gone after high-end customers.

With Nokia and RIMM struggling the time is right for Apple to aggressively penetrate the mid range smart-phone market (i.e. $300-500 category) to dramatically expand its [total addressable market] and market share, Whitmore said in a note.

Whitmore says the mid-range iPhone 4S would cost $349 and would come with a pre-paid voice plan that would drive significantly greater penetration. While most phone carriers in the U.S. have a cheaply subsidized smartphone with a monthly contract, most people in the world are in regions where it is cheaper to carry a pre-paid phone.

The iPhone 4S would appeal to a greater audience across the planet. While Apple has great marketshare in the U.S. and Canada, it only has 3.9 percent share globally according to Gartner's most recent numbers.

Another note, from Morgan Stanley analyst Katy Huberty, said she expects iPhone and iPad production to begin ramping up aggressively from August through the end of the year.  She cites unnamed sources in Taiwain. With this timeline, Huberty is predicting Apple to release an iPhone 5 in late September or the end of the third quarter.

Apple did not respond to a request for comment.

There have been numerous rumors surrounding the next generation iPhone. One of the more recent rumors from Bloomberg said the next iPhone would be a slightly better version of the iPhone 4. It said the iPhone 5 will then be introduced in June of next year.

Since Apple is very good at keeping things under wrap, it will likely remain a mystery and subjected to hearsay until Jobs and co. make an announcement.

Follow Gabriel Perna on Twitter at @GabrielSPerna