Apple will finally modernize the Apple TV this September, according to a report Thursday that said the Cupertino tech giant will unveil the first new version of the Apple TV since the third-generation of the Internet-streaming device was launched in 2012. However, Apple is not expected to release its TV subscription service alongside the new device. 

The upcoming Apple TV will sport a slimmer chassis and an improved A8 computer chip, according to BuzzFeed. Additionally, the new Apple TV will include a revamped remote control that will include a touch pad, as has previously been reported. There will also be a new app store and software tools that will allow developers to create apps for the Apple TV.

The new Apple TV will be unveiled at the same September event where Apple is expected to announce new models of the iPhone. Originally, the Apple TV was expected to debut in June at Apple's Worldwide Developer Conference, but those plans were scrapped to keep the focus of the summer event on the Apple Music service. 

One thing that's not expected is Apple's long-rumored TV subscription service. According to BuzzFeed, which cites unnamed sources, that service is in the works, but it will not be released until late 2015 at the earliest, although a 2016 launch is more likely. 

Regardless of the TV subscription service, a new Apple TV could make waves during this year's holiday shopping season. It's been three years since Apple has released a new TV streaming service, and during that time, the video streaming market has become more crowded with the arrival of devices like Google's Chromecast and Amazon Fire TV.