Apple has confirmed that it plans to hold an official iPhone 5 launch event on Oct. 4 at its Cupertino campus in California.

The Loop's Jim Dalrymple on Tuesday reported that he scored an invitation from the iPhone maker for the event that will begin at 10 a.m. PT.

I will be at the event, and will bring you a live update of the announcements as they happen, he wrote.

It is expected that Apple's CEO Tim Cook will officially announce the iPhone 5 during the special media event.

Invitations are currently being distributed to select members of the press. And it is being reported that a UK event is planned in the company's Covent Garden store.

What Apple hasn't confirmed as yet is whether there will be two smartphones launched that day or just one. Rumors have been circulating that the iPhone maker will launch an iPhone 4S along with the iPhone 5. The iPhone 4S is rumored to be a tweaked version of the current iphone 4, and is more budget-friendly.

The new iPhone 5 is expected to feature the same A5 processor as the iPad 2. This will provide much improvements in the smartphone's graphics and processing power.

Rumor also has it that the iPhone will be upgraded with more RAM, an 8-megapixel camera and combined support for both GSM and CDMA networks.