Everyday a new rumor surfaces in the consumer market about Apple's next-version of iPhone.

Lot of speculations is emerging over the new features of the iPhone 4 successor that is considered to be nothing short of an engineering marvel. Apple is expected to refresh its iPhone catalogue in September.

But, here comes the latest news.

Apple may launch iPhone 5 in October/November, instead of September, as the California-based technology giant is said to begin production of the next-generation iPhone in August/September.

At present we expect the new iPhone to begin production in August/September, putting the phone in customer hands by October/November versus Street expectations of September. A further push out of the iPhone would, however, present some risk to expectations, analyst Chris Caso of Susquehanna Financial wrote in a note to clients.

Meanwhile, the analyst said that Qualcomm is expected to supply the baseband for the new iPhone.

Some saying Apple will release two iPhones, while some saying only one phone will be released.

Meanwhile, whole lots of theories about how a cheaper iPhone will fit into Apple's global strategy and its quest to lead the global smartphone market emerged following this report. RBC Capital analyst Mike Abramsky said he thought the baby iPhone, the cheaper version for the emerging markets will not be launched until 2012.

Keith Bachman of BMO Capital Markets says the iPhone 5 will launch in mid-2012.

Deutsche Bank analyst Chris Whitmore expects Apple to release iPhone 5 and a lower-end iPhone 4S handset in September.

We expect Apple to refresh the iPhone in September, with two SKUs (stock keeping units); namely the iPhone 5 and a lower-end iPhone 4S handset, Whitmore wrote in a note to clients.

iPhone 5 is expected to be the normal refresh of iPhone 4 and iPhone 4S is expected to be targeted at emerging markets or mid-range markets.

Analyst Ben Reitzes of Barclays Capital thinks otherwise. Reitzes said the potential 4S model in 2011 will be 3G and feature a faster processor, an upgraded 8MP camera and be optimized for use with the new iOS5.

One of the major benefits of this new product could be expanded carrier relationships in the US and abroad, given the Qualcomm baseband, Reitzes said.

We continue to expect Apple to launch a smaller, prepay iPhone - but more likely in 2012, both to avoid iPhone 5 cannibalization, and as its design may deeply leverage iCloud services for convenience and affordability, Abramsky wrote in a note to clients.

Though some analysts say iPhone 5 is unlikely to be revealed before 2012. But, there is little doubt with the Apple's plan of producing 25 million iPhones units by the end of 2011 and the release of iPhone 5 is round the corner.

Recently, Taiwan-based notebook-maker Pegatron Technology received an order for 15 million iPhone 5 units from Apple with a September shipment date, according to Digitimes.

As many reports are emerging that iPhone 5 will be launched only in 2012, let's take a look at the speculated hot features of iPhone 5:

The Wall Street Journal reported that Apple has ordered components for a new iPhone, expected to be introduced in September, 2011. According to the Journal, the new iPhone is expected to be thinner and lighter than the iPhone 4, and is also expected to feature an 8MP camera.

There have been reports since early this year that Apple is testing iPhone which incorporates Near Field Communication (NFC) technology. NFC technology will enable users to make payments by merely waving the phone near devices which can read the information embedded in the phone.

In all likelihood, iPhone 5 will have an improved flash unit for its camera. It has been reported that Apple has reduced orders for iPhone 4's current LED flash. Earlier, leaked images had suggested that the camera sensor and flash unit would be separated in the new iPhone.

Another feature iPhone 5 will have is stronger gaming capabilities supported by multi-core A5 processor and Imagination Technologies' PowerVR Series6 mobile graphics processing architecture.

Last, but not the least, there has also been reports that the next iPhone will be fire-proof and will have glasses-free 3D capabilities.