Venerable financial newspaper Wall Street Journal (WSJ) has jumped onto the iPhone 5 rumor bandwagon by reporting, Wednesday, that the next generation iPhone will be thinner and lighter than iPhone 4 and is expected to hit the market around September.

Citing anonymous component suppliers, WSJ said the new iPhone will show minor software updates but will boast of 8-megapixel camera (iPhone 4 has a 5-megapixel camera) and will be thinner and lighter than the current model.

The new iPhone will also reportedly operate on Qualcomm's wireless chip unlike iPhone 4, which uses chips made by a former unit of German chip maker Infineon Technologies AG.

A Qualcomm chip means Apple is planning on releasing a world phone that can run on both GSM as well as CDMA networks unlike the current iPhone, which have two separate versions.

WSJ also reported that iPhone manufacturers have been told to prepare for 25 million units by the end of 2011. In its previous fiscal quarter, Apple had sold a record 18.65 million iPhones, including both the iPhone 4 and previous-generation iPhone 3GS and if the new figures are true, it seems Apple is confident of launching the new iPhone sometime later this year.

WSJ's report adds to the flurry of rumors on iPhone 5's launch date hitting the Internet.

Everybody expected Apple to release the next generation iPhone at its Worldwide Developers Conference (WWDC) but the technology giant only announced the software and service advancements.

The no-show prompted talks that the company had initially planned to launch the new iPhone this summer but changed its mind as the device wasn't ready in time.

The no-show also prompted different rumors - BGR said the new iPhone will be released in October with radical new design while Bloomberg said the next iPhone will retain the same form factor.

Some predicted Apple will announce a new iPhone 4S with minor updates in September while others said Apple may even come with two new iPhones - a cheaper one with minor updates (possibly iPhone 4S) and iPhone 5, which will boast of major hardware and software upgrades.

Meanwhile, here's a run-down of what iPhone 5 will probably boast of:

> A5 processor in the range of 1.2-1.5 GHz
> Aluminum metal backing of the original iPhone instead of the current glass surface back piece
> A teardrop design, like the new iPod Touch, with the top being thick and then tapering to a skinnier bottom
> An improved antenna (no more Antennagate, yay!)
> More RAM, possibly 1GB
> Better camera (perhaps 8-megapixel) with 1080p video playback and panoramic photo capture capability and an improved dual-LED flash unit
> Bigger-edge-to-edge 3.7- to 4-inch curved glass screen (iPHone 4 has 3.5-inch screen)
> A SIM-less design
> 3-4 internal antennas for both GSM and CDMA networks
> 4G connectivity
> iOS 5, which will be true multitask capable and come with loads of new features such as News Stand, Reminders, Delta Updates and iMessage
> Improved speech recognition features, and
> Wireless charging capability
> Better talktime and standy time
> Near Field Communication (NFC) technology
> Panoramic photo capabilities and 1080p Full HD videos
> Stronger gaming capabilities supported by multi-core A5 processor and Imagination Technologies' PowerVR Series6 mobile graphics processing architecture