Going by the latest reports, it looks unlikely that there will be a new iPhone this Fall. Not even a 'baby' iPhone, a cheaper version for the emerging markets!

Gadget lovers can’t wait to know the latest tidbit about the possible iPhone launch. Some say they want to see the iPhone 5 in the store so that they can explore the features of iPhone 6. Such is the level of expectation Apple has created with its devices, which are nothing short of pure engineering marvels.

So the question is, when will iPhone 5 see the light of the day? Now Wall Street analysts say iPhone 5 is unlikely to be revealed before 2012.

For the uninitiated, Apple has obviously passed up what would have been a normal release date for iPhone 5. It was supposed to be June. Instead of unveiling the iPhone 5 at the Worldwide Developers Conference in June, Apple gave a sneak peek into the possible software upgradations of the next iPhone when it unveiled the iOS 5.

Apple said the iOS 5 would be ready for rollout in the Fall. Hence the focus then shifted to a September launch of the new device. Meanwhile theories mushroomed over Apple's delay in launching the new version of iPhone and the advantage this gives to the Android camp.

Keith Bachman of BMO Capital Markets says the iPhone 5 will launch in mid-2012, Deutsche Bank analyst Chris Whitmore kicked up a storm by predicting that Apple will launch a cheaper iPhone 4S in September.

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.

But RBC Capital analyst Mike Abramsky said he thought the baby iPhone, the cheaper version for the emerging markets will not be launched until 2012.

“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,” he wrote in a note to clients.

It is agonizing for iPhone enthusiasts to know the gadget launch is further away, but everyone thinks of an outside chance that Apple will throw a mighty surprise some time sooner!

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For a story on iPhone 5's latest rumored features please click here.

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