It is more or less sure that Apple may be launching its next version of iPhone - dubbed as iPhone 5 - in late September or October to capitalize on holiday demand. Reuters

After waiting some extra months for the latest iteration of iPhone, fans can now look forward to a surprise double offering from Apple: The latest buzz is that iPhone 5 and a Lite version of iPhone 4 will be launched in September.

The Lite iPhone 4 theory is in sync with earlier talk that Apple was trying to make its iconic device more affordable. This version will have smaller and cheaper hardware components, and will be available at a smaller price, according to reports.

However, there is still no consensus among iPhone fans as to when exactly the new device will be launched. Some believe it will be only in early 2012, as Apple is giving final shape to iOS 5, its latest operating system.

A Bloomberg report has quoted two sources, who are familiar with the product, as saying that iPhone 5 will be unveiled in September and that it will have a smarter chip and a better camera, among a host of other bells and whistles.

Usually Apple releases its new iPhone in June, but this time round, that convention was flouted. While the postponement of the iPhone 5 release disappointed fans, it also sowed confusion in the smartphone market as to what Apple's real intentions were.

[ALSO READ] Apple iPhone 5 rumored dual LED flash: Playing even with Android rivals?