Rumors about the possible release date and features of Android's formidable rival, iPhone 5, have begun growing louder even as the popularity wave of iPhone 4S and its new feature Siri have begun dying down.

The latest rumors suggest that the iPhone 5 will be released in 2012 as Apple's former CEO Steve Jobs' last masterwork. The most likely release date is early summer in 2012. Some analysts suggested that the iPhone also could be released in the late summer or early fall of 2012.

There are also some most-wanted features the rumor mill is spreading confidently.

According to the Computer World, Apple's new iPhone will feature with a quad-core processor A6, the successor of the company's A5 and A4 processor. The new processor could provide ideal power and performance to iPhone users. But Apple has to solve the battery issue which has bothered a lot of users.

Meanwhile, the latest rumor also goes that Apple is testing two models of iPhone 5. One phone is powered by a dual-core processor while the other is powered by a quad-core processor.

The next generation iPhone also may have a larger screen. Most of the rumors predict it would be a 4-inch edge-to-edge display, with high resolution up to 1,280x720, or 365ppi. Jobs once insisted that the iPhone should fit nicely into the hand. But many fans have complained that iPhone's current 3.5 inch display was too small. Hence, it is possible that Apple will enlarge the screen.

Next year's iPhone to feature a 4-inch display by LG Display, half an inch larger than the 3.5-inch display and retina display resolution will remain unchanged because LCD is currently being regarded as the right solution to offer value with better cost-cuts, an anonymous LG Display executive reportedly told the Korea Times.

Some rumors also said Apple will add 4G LTE to iPhone 5, as iPhone users want the 4G LTE connectivity more than any other feature, a recent study from ChangeWave Research revealed.

Earlier, Nikkei Business reported that Apple's CEO Tim Cook met a Japanese wireless carrier NTT DoCoMo's executives, to negotiate about bringing out an LTE iPad and an LTE iPhone in 2012 in Japan. However, the Japanese company has denied the report.

In addition, other reports said Apple will release iPad 3 and MacBook Air ahead of iPhone 5 in 2012.