The new iPhone expected to be unveiled by Apple Inc. at its media event Oct. 4 is supposed to come with 16GB, 32GB, and 64GB storage capacities, according to 9to5Mac.

Rumor has it Apple will either reveal an updated iPhone4 called the 4S or a completely new iPhone5.

A similar rumor came out last year just before the iPhone4 was launched, but Apple released only 16GB and 32GB models at that time. However, there is hope a 64GB model will be released this year.

When it made its debut in June 2007, the original iPhone was available with 4GB, 8GB, and 16GB storage capacities. By September of the same year, the 4GB model was dropped.

The iPhone5 is believed to run on the latest iOS 5, which will be coming with 200 new features, including an improved notifications system, a Newsstand, and iMessage. In addition, iPhone5 is expected to feature the new iCloud service to enable a user to operate iTunes with wireless remote access of music from all personal computers and mobile devices.