Apple will unveil its next generation iPhone, dubbed iPhone 5, on Oct.4, according to a report.

“According to information based on the situation, on that day Apple will hold its next big media event. Apple may change plans at any time, but Cupertino, a company based at California, has selected the date and will showcase the iPhone 5,” All Things Digital's John Paczkowski said.

Many rumors are buzzing about the upcoming iPhone 5. Paczkowski's prediction matches Apple’s pattern of having big media events on Tuesdays. Besides Paczkowski, Jim Dalrymple, a veteran predictor for Apple’s product launches, also thinks iPhone 5 will be released on Oct. 4.

After unveiling the iPhone 5, it will be on sale within a few weeks, Paczkowsiki said.

However, considering the previous Apple events that have taken place over the years, the lag time between unveiling and release of iPhone 5 can be even shorter, Ticonderoga's Brian White said.

The unveiling of iPhone 5 is one of greatest anticipated events for Apple fans and the media event is also an important one for Apple’s new CEO Tim Cook.

It will be the first big public event for Cook and will help the new Apple CEO come closer to the public and investors.