The rumors about the iPhone 5 are surging wave upon wave. The latest one suggests that the forthcoming handset is gearing up for production.

There are several iPhone prototypes reportedly floating around in Foxconn, a major manufacturer for Apple, 9to5Mac reported, citing a reliable source at the Chinese factory.

Once Apple chooses the best design among the prototypes, Foxconn will immediately put it on production. However, without final version, it's difficult to predict the features of the next generation iPhone.

Nonetheless, the Foxconn insider offers some hints to Apple watchers and fans. All the prototypes, the insider said, boast of at least a 4-inch display. And there's no teardrop design, as was previously rumored.

The anonymous source also indicates the iPhone 5 might be unveiled this summer. It might sound familiar. A similar rumor flew thick and far at the same period last year. However, Apple refuted that speculation by launching iPhone 4S in Fall (October).

Even though 9to5Mac said the source is reliable, the rumor is still questionable. According to PC World, if Apple launches the iPhone 5 this summer, or less than 10 months after its predecessor (iPhone 4S) released, Apple fans might regret why they had rushed to buy the iPhone 4S.

Furthermore, Apple just released the latest fiscal report, saying it had sold 37 million iPhones in the recent quarter, beating analysts' expectations of 30 million. With the same external design, the company has had no problem satisfying the average consumer. So why should Apple rush to launch another new iPhone?

However, PC World said the only reason Apple may rush out iPhone 5 is because of 4G LTE network. 4G offers download and upload speeds several times faster than 3G, and currently, the carriers such as AT&T and Verizon are aggressively rolling out 4G network. Moreover, iPhone rivals are boasting of 4G support more and more these days. Hence, the pressure is on Apple to launch a 4G-enabled iPhone soon.

What do you think about this latest rumor? Leave your comments below.

MUST READ -  New iPad Release Name Confusion: Why Not iPad HD or iPad 3?

MUST READ -  New iPad First Impressions: How Does it Compare to iPad 2?

MUST READ -  New iPad Release: What We Expected and What We Got