The next iPhone could be out in the market in July or August.

An anonymous source reported in the Macotakara website that the iPhone 5 will be quite similar to the iPhone 4 in design, but unlike its predecessor it will be equipped with a better 8 megapixel camera. 

The current iPhone 4 has a 5-megapixel camera. It is not known if the iPhone will also be able to shoot 1080p HD video.

Macotakara had earlier made some correct predictions regarding iPad 2 features and launch date.

The new iPhone 5 will be using an embedded SIM instead of a conventional SIM card. It will likely to have a dual core processor and a cortex-A9 processor.

It's been confirmed that the iPhone 5 will have 3 or 4 antennas built in to use it on GSM and CDMA networks across different countries, the report said. It will probably also include additional antennas to support both AT&T and Verizon's wireless network.

Apple is will probably also move the position of the flash in order to assist in reducing red-eye in photographs, the report read.