Rumors around the iPhone 5 have been overheated as Apple's Let's talk iPhone event kicked off at 1 p.m. (EDT) on Tuesday. All eyes are on whether Tim Cook will unveil the next-generation iPhone 5 and when its much-speculated release date is.

Just before the event, The Next Web cited trusted sources who smashed the dream of an iPhone 5 launch by  the year's end.

Though Apple plans to launch the iPhone 4S today, there will not be an iPhone 5 this year, according to the sources inside Apple familiar with the plan.

The new iPhone 4S to be released will allegedly sport a 8 megapixel camera,  A5 processor, 1 GB of RAM, improved optics, and a more accurate differential GPS stage, according to the website.

The iPhone 4S is much more powerful than an iPhone 4 and feels like the high-end device but will retain the same dimensions and design as the iPhone 4, said the sources.

The rumors of iPhone 5 sporting a teardrop design and aluminum unibody turned out to be merely an Apple prototype for a future iPhone 5 which will not be available any time soon.

 

The media frenzy around the event indicates how much the world is eagerly awaiting for the new iPhone to come alive. All the rumors center around the growing speculation regarding whether Apple will release a next-generation iPhone 5 or a modified version of its current iPhone 4. 

The event will mark the first time for Apple's new CEO Tim Cook to take center stage and for Steve Jobs to miss an iPhone event.

This invite-only event that draws attention of the entire world will be available on Youtube video by Apple once it ends.

 

So far, the Apple's iPhone event has not talked about any iPhone yet - the only thing that has been confirmed is the release date of iOS, on Oct. 12. Some more breath to hold, but don't expect too much, for even without an iPhone 5 this year, the world won't end.