Apple Inc.'s iPhone 5 remains the most anticipated smartphone in the U.S. market and it has been the source of relentless rumors over the past few months, which set the smartphone for release in October.

According to a TechCrunch report, comments from France Telecom Chief Executive Officer Stephane Richard reveal that the iPhone 5 will come out on Oct. 15.

The iPhone 5 is weeks away from being announced, according to The New York Times, which cited an Apple employee.

The new Apple smartphone will include an 8-megapixel camera, an A5 dual-core processor, mobile payment functions and possibly the Qualcomm mobile phone chip.

Meanwhile, 9to5Mac most recently expected the next-generation iPhone to be released on Oct. 7. This is similar to reports that consumer electronics retailer Best Buy communicated to its employees that the iPhone 5 could be released in the first week of October.

According to a Boy Genius Report, Sprint is not letting its employees take any vacation time from Sept. 30 through Oct. 15 due to the launch of the iPhone 5.

All the rumors coincided with the analysts expectation of a possible October launch on all the four major U.S. carriers -- Verizon, AT&T, Sprint and T-Mobile.

Most features of the iPhone 5 are attributed to the realm of rumors but some are more likely to be in the phone, if not all. For sure, the iPhone 5 will feature the latest iOS 5 operating system, the A5 processor found in the iPad 2, an 8-megapixel camera and a slimmer and thinner design.

Inspired by the iPhone 5 rumors, artists and designers have come up with their own concept of the most-anticipated smartphone, some  with radically different designs while others show minor but recognizable variations.

Take a glimpse of the iPhone 5 concepts designed by some of them: