The next-gen iPhone has reportedly been spotted in Apple's inventory with signs indicating that it will be a major upgrade over the current iPhone 4.

The phone in the inventory list is code-named N94, the same name hidden in code for Apple's iOS earlier this year, according to CNET. That code name was found to point to a device with a dual-core A5 processor, the same chip that's been expected to appear in the iPhone 5.

Tech blogs TiPb and Boy Genius Report have received screenshots claiming to present a list of items from AT&T's inventory system, including six iPhone 5 cases that give evidence the phone will indeed be slimmer.

9to5Mac, an Apple rumor site, says the new phone's model number shows that the new iPhone could be branded the iPhone 4S, however, rather than the iPhone 5.

Various reports say the phone seen in the inventory is likely to come with 1GB of RAM, an 8-megapixel camera, Nuance's speech-to-text dictation, and the new voice-navigation Assistant. Whether these work, though, remains to be seen. The Galaxy S II already ships with similar functions and the response to voice commands is iffy at best.

Further information found on the label points to the phone being a dual-mode CDMA and GSM device.

Rumors have spread  about 5 or 4S and all its capabilities. One thing everyone who's itching to get the new iPhone should expect, though, is a slimmer version as mentioned above. Slim cases have already hit stores apparently, according to a picture that an AT&T employee sent to MacRumors.

Nevertheless, all the speculation will finally be put to bed when Apple hosts its Let's Talk iPhone event next Tuesday.