Though iPhone 5 is yet to be launched, hype over the handset is taking center stage. And when the next-generation iPhone does make its debut, it could well turn out to be one of the most spectacular handset unveiling Apple has ever seen, believes an analyst.

In a recent note to investors Craig Berger, Analyst, FBR Capital wrote: "We expect the iPhone 5, for both investors and consumers has the potential to generate the most promising device upgrade cycle in Apple's history," PCMag reported.

Predicting that iPhone is likely to sell as much as 250 million units, "representing one of the largest single product opportunities in Apple's history,"  Craig Berger noted that FBR's analysis showed that people are driven more by the product than eligibility status.

Though contracts and upgrade cycles may dampen the upgrade prospects in the U.S., the new phone overrules early termination or upgrade fee, PCMag added.

An informal inquiry with suppliers reportedly denotes that Apple is placing orders for 18 to 20 million handsets per month.

iPhone sales is expected to touch 13 million in the first half of 2013, if China Mobile also happens to promote the iPhone, Berger noted. iPad Mini is likely to be unveiled on September 12, Berger stated, adding: "Rather than being a smaller version of the new iPad, we think an iPad Mini would more likely be a larger version of the iPhone 5, with most of the same suppliers and components used. We have not factored in any device volumes for iPad Mini as our visibility into this device remains low. If Apple were to launch iPad Mini, we think that would present another catalyst for Apple's critical device suppliers."