Apple, which has sold more than 110 million iPhones since it launched the product, would unveil its new iPhone at a media event at its Cupertino, California headquarters on Oct.4.

The invitation titled Let's Talk iPhone displayed four icons, showing the date, time and location of the event venue -- on Highway 280 displayed via an Apple map icon.

The new iPhone would be presumably called iPhone 5, which has been the most anticipated smartphone in the U.S. and source of wild rumors over the past few months.

iPhone 5 is expected to come pre-installed with iOS 5, which has more than 200 new features including Notification Center, iMessage, Newsstand and Reminders.

Along with iOS 5, Apple would release iCloud that stores user's music, photos, apps, calendars, documents in cloud and wirelessly pushes them to all iOS devices.

Let's take a look at the top rumors over the specifications and features of iPhone 5.

* Apple may unveil iPhone 5 with a slightly bigger screen size ranging from 3.7 to 4-inch to counter Android rivals.

* Apple products are known for their beautiful design. iPhone 5 is expected to adopt a teardrop design that is supposed to be slimmer and lighter than past iPhone models. The new smartphone, which may have an edge-to-edge retina display, would come with an aluminum plate casing rather than the current glass backing. Meanwhile, an analyst with Rodman & Renshaw said the form factor of iPhone 5 could be a slightly smaller version of the iPad 2.

* The iPhone 5 will come in the aluminium unibody form that Apple uses in its Macbooks, according to Deutsche Bank analyst Chris Whitmore. On its Macbook Pros and Macbook Airs, Apple uses the unibody construction method, which allows for a consistency of production and reliability by reducing many moving parts to one part. Also, it makes the product thinner and stronger.

* iPhone 5 is expected to sport an 8MP camera, panoramic photo capabilities and 1080p Full HD videos as an iOS code section revealed recently that the next iPhone will let users take panoramic photos with the photo app.

* Apple is expected to fit a dual-core 1.2GHz A5 processor on iPhone 5 as several Android smartphones are coming with 1.2GHz to 1.5GHz chips. A5 is the same chip that powers iPad 2.

* iPhone 5 may have voice-recognition features, inferred by the title of the invitation - Let's Talk iPhone. Pipar Jafray analyst Gene Munster said in a note to clients that the let's talk tag line is a less-than-subtle hint that Apple may be planning to deliver voice-recognition advances the company has been working.

* There are also rumors that iPhone 5 would have 1GB RAM, mainly to support the voice-control feature.

* One rumor that gets repeatedly mentioned is that Steve Jobs didn't want any physical buttons on the iPhone from the start. However, purported prototypes suggest that the iPhone 5 may have a rectangular button compared to the circular one found in iPhone 4.

* Apple is speculated to incorporate wireless charging feature in iPhone 5 to boost the battery life.

* Another rumor is that the next iPhone will be a fire-proof phone. Apple has reportedly filed a patent application for an advanced halogen-free flame retardant material which could be used in future Apple products.

* iPhone 5 is rumored to feature a new SIM-less design with two to three internal antennas for CDMA and GSM compatibility, thereby making it a worldphone.

* iPhone 5 is rumored to sport a SIM card slot for other countries except the U.S, allowing users to insert any SIM card when traveling abroad.

* Apple iPhone 4 comes in 16GB and 32GB. But it is expected that iPhone 5 will have 16/32/64 GB internal storage.

* iPhone 5 would have advanced gaming capabilities with the rumoured Imagination Technologies' PowerVR Series6 mobile graphics processing architecture.

* There have been reports that Apple is testing an iPhone that incorporates NFC technology. Users can simply pay for goods by waving their iPhone in front of a contactless payment scanner. However, it is unlikely that iPhone 5 would have a NFC chip due to lack of industry standards.

* Sprint would be carrying the iPhone in the U.S. along with Verizon and AT&T.