Rumors are rife that Apple will launch a significantly redesigned iPhone later this year. One of the much-talked about design overhauls is a smaller dock connector, replacing the existing 30-pin one. While many rumored features of the next iPhone, aka iPhone 5, are still uncertain, this particular feature seems to be getting closer to fruition with more reports surfacing online in its favor.

The latest entry to the iPhone 5 rumor mill is a Reuters report, claiming that circulating rumors and expectations about Apple ditching the traditional 30-pin dock connector in favor of a smaller 19-pin version for the upcoming iPhone iteration are indeed true.

Reuters reported, citing two sources familiar with the matter that the iPhone 5 would be available in October and will come with a 19-pin connector port at the bottom instead of the proprietary 30-pin port 'to make room for the earphone moving to the bottom'.

As noted by The Verge, such a redesign of the iPhone would likely break compatibility with the majority of iPhone and iPod docking devices in the market, but it's possible that they could be used with an adaptor.

According to Reuters, incorporating a new smaller doc connector can be a huge opportunity for accessory manufacturers as customers will have to upgrade their existing accessories to the new 19-pin compatible models of the handset.

It represents an opportunity for accessory vendors, Pete Cunningham, London-based analyst at technology research firm Canalys, told Reuters. The iPhone connector has been a standard for a long time now and I would expect the same to be true for a new connector, should Apple change it as expected.

The report stated that a smaller doc connector would increase possibilities of new product designs or a bigger battery, or simply to make ever smaller products.

While Apple as well as Switzerland's Logitech, one of the biggest makers of Apple speakers, declined to comment, some enterprising vendors in China have already reportedly started offering cases for the new iPhone with earphone socket on the bottom and a 'guarantee' the dimensions are correct.

In February, iMore came up with a report in which it claimed that Apple might be switching to a smaller doc connector from the existing 30-pin one in near future, paving the way for bigger batteries, 4G radios, and other iPhone and iPad components far more important in a PC free world.

The dock connector as it exists now is a relatively big component. While it doesn't take up a lot of space compared to the entire assembly, it certainly takes up more space than was saved by switching from mini to micro SIM, said the report.

Technology website TechCrunch also reported last month that the next gen iPhone would sport a smaller port with 19 pins.

Although the form factor and actual size are still unknown, TechCrunch has independently verified that Apple is working on adding a 19-pin port, replacing the current 30-pin port, to the new iPhone. It is a move that will surely send shocks through the iPhone accessory ecosystem, the report added.

When it comes to other rumored features of the iPhone 5, the highly anticipated smartphone is expected to sport a 4-inch Retina display, an A5X Variant chip, 1GB RAM, iOS 6, 4G LTE technology, Near Field Communication (NFC) technology, improved Siri, liquidmetal casing, an 8 megapixel (or even higher) rear camera, a 2 megapixel front-facing camera for video chatting and a much-improved battery life.