Technology giant Apple is expected to launch only one iPhone - dubbed as iPhone 5 - in September versus rumors stating that Apple may launch two iPhones.

Apple only plans to launch one model of the new iPhone, Digitimes reported citing industry sources.

iPhone 5's supply volume is estimated to be around 6-7 million units in the third quarter and with the addition of iPhone 4 shipments, total iPhone shipments in the quarter is expected to touch 24-25 million units with volumes to maintain at the same level in the fourth quarter. In 2011, Apple is forecasted to ship over 85 million iPhones, Digitimes added.

Every day, a new rumor is floating about iPhone in the consumer market.

Analyst Keith Bachman of BMO Capital Markets believes the new iPhone will be announced in the month of September. We believe with the new iPhone release, Apple will offer 3 models -- iPhone 4S, iPhone 4, and iPhone 3GS. Net, the iPhone 3GS will be the low-end phone, in our view, Bachman said.

Bachman said the September iPhone will be an iPhone 4S, not an iPhone 5, meaning more evolutionary changes than revolutionary changes. He expects the device to feature a better camera and a different case.

We believe the iPhone 5 will launch in mid-2012, Bachman wrote in a note to clients.

Meanwhile, Deutsche Bank analyst Chris Whitmore expects Apple could release two models of the iPhone -- namely the iPhone 5 and iPhone 4S -- this 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 will 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 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.