As iPhone 4S is receiving overwhelming demand and several stores are experiencing stock outs, Apple is readying a successor to iPhone 4S in the name of iPhone 5. Rumors are rife that Apple would be beginning the production of iPhone 5 in the first-half of 2012.

With respect to iPhone, iPhone 5 production is expected to start around the June timeframe, Susquehanna Financial analyst Chris Caso wrote in a note to clients.

Moreover, iPhone 5 is expected to have a completely new CPU, different from iPad 3, which is touted as the possible successor to iPad 2.

The processor in the iPhone 5 appears to be a completely new CPU, and different from that of the new iPad, Caso added.

In iPhone 4S, Apple fitted the dual-core A5 chip that powers iPad 2 and it was expected that the trend would continue with iPhone 5 having a similar chip as iPad 3. But, the latest report could dismiss those rumors, and it is unsure whether the new chip would be called A6 or not.

Nevertheless, rumor mills are expecting iPhone 5 with advanced specifications including near-field communications (NFC) technology, 1.2-to-1.5 GHz quad-core A6 chip, with probably 1GB or more RAM, bigger display, LTE antenna and wireless charging.