The highly anticipated redesigned iPhone 5 and iPad 3 are set to be released in 2012 as a part of Apple's product overhaul, the DigiTimes has reported.

In October, a vicious stream of rumors, coupled with a delayed release, led Apple fans to expect the launch of an entirely redesigned iPhone 5. Yet to much disappointment, Apple's CEO, Tim Cook, revealed a bumped up version of the iPhone 4 and called it the 4S.

The new device may only be subtly different with Siri, the voice activated assistant and a much faster operating system, but this did not stop people from taking to Apple stores in droves to purchase the product. On the first day of pre-orders, the phone broke records, selling over one million units in 24 hours.

Although the iPhone 4S hype is still ablaze, Apple fans are keen to gather information regarding the rumored iPhone 5.

According to DigiTimes sources, Apple has ordered hoards of key parts and components for their next generation devices.

Inventory of key parts and components for the next-generation iPads will be sufficient enough for the production of two million units by year-end 2011, the sources pointed out, DigiTimes wrote adding that these parts used could also include the new iMac and MacBook Air.

Here are some of the features on the iPhone 5 rumor mill :

A Larger Screen: A bigger screen is definitely expected to compete with the Droid Bionic. People have complained that the keys are too small for fast and accurate typing, which has led to reports that the iPhone 5's screen will extend to the width of the case. Some reliable reports have suggested the screen will be qHD in 960x540 pixels -- likely with a 4-inch or 4.3-inch screen. The iPhone 4S is the same size as the current iPhone 4, with a 3.5-inch screen.

New Design: While there are no leaked images of what the new phone will look like, it is expected that it will be super slim and light. People who have switched to phones like the Samsung Galaxy have complained that the iPhone case is too clunky, so a lighter case is thought to be in the pipeline for the phone's next generation.

Faster Internet Connection: The new iPhone 5 is expected to reach internet speeds of up to 3X higher that the 3G, using a hyper-speed HSPA+ 21 Mbps modem, allowing the phone to be able to download in 4G speeds.

Metal Casing: A metal case is expected to frame the iPhone 5 in order to make it more sturdy and safe. Many have complained that you can't really use the iPhone 4 safely without investing in an external case.