Apple is still tight-lipped about when the new iPhone 5 will be release, or even if one will be released, but that hasn't stopped the rumors and leaked photos from getting out there.

With no official announcement on the fifth generation of iPhone many don't know what to expect. But based on the talks, we do know that Apple will be releasing either a new iPhone 5 or iPhone 4S in October.

The iPhone 5 that will be released next month will be for Apple's high-end users, according to reports, while the iPhone 4S will be a budget-friendly version for those devoted to the smartphone giant and are looking to experience something new from the company.

Here's a list of the rumored features set to come on the iPhone 5.

- The iPhone 5 will have a new design: Look out for more curvy, rounded corners, a thinner, slimmer device with an aluminum backplating.

- A possible removal of the home button and the creation of a virtual one so that the new iPhone can have a larger screen.

- A 4-inch OLED type screen, with the same high resolution of the iPhone 4.

- A5 Processor: a new and improved dual core processor.

- Extra RAM: Possibly 1GB as the RAM was 512 MB in the iPhone 4. The storage might also increase to 64GB.

- An improved 8MP camera that allows for FullHD resolution videos.

- A thinner, lighter battery that may provide an extra 100 hours of standby time and more than two hours of talk time.

- iOS 5: works through gesture-based controls hence the possible removal of a home button in the iPhone 5 features. iOS 5 was released in the WWDC held this June and seems to be close enough to ready for a launch next month.

- iCloud: With the iCloud button, just tap and all your document, photo, contact, bookmark, calendar or whatever gets sent to all your other Apple devices that are iCloud ready.

Apple was just as silent on the iPhone 4 and they stunned us with a unique product of great quality. If all the above rumored features and specs will be in the new iPhone 5, then it's sure worth the wait.