While reports are floating around as to what Apple is likely to pack into its next iPhone, analysts are observing slowdowns in sales of the current iPhone 4.

Component order volume for the CDMA flavor of iPhone may have been cut this quarter to 2 million from 4.5 million, according to Pacific Crest analyst Andy Hargreaves.

That will result in less iPhones sold for the quarter, with estimated unit volume for the quarter reaching 16.5 million instead of a projected 19.5 million.

We believe weaker-than-expected sales at Verizon and the failure to reach a distribution deal with China Telecom (CHA) drove much of the cut to CDMA orders, Hargreaves said.

FBR Capital's Craig Berger echoed similar remarks, telling clients that he expected iPhone production this quarter will likely be 20.1 million units, not the original 24 million he'd expected.

He also points to slow CDMA update as the primary culprit.

The depressed demand may be a bi-product of the buzz surrounding the product refresh which likely drove the small cut to GSM iPhone orders, according to Hargreaves.

Apple is widely expected to roll out the new phone in Q4 according to industry watchers. Other analysts have speculated that based on their checks, the new phone would have a faster processor but lack 4G speeds.

Hargreaves cut his full-year iPhone estimates to 71.3 million this year and 83.6 million next year, from 73.9 million and 88.2 million, respectively.

Apple shares are up $3.21, or almost 1%, today at $339.35.