Ever since Apple missed the usual June target release date for the next version of the iPhone, people have been wondering when they will be able to get their hands on the next iteration of the popular smartphone device. Boy Genius Report has posted a story that claims it has learned via unnamed sources that Apple might announce and launch the new version of the iPhone as early as September alongside the annual refresh of the various iPod media player products.

Apple’s iPhone 5 will not be a mere update of the iPhone 4, but a new device with a ‘radical’ new design, If you’re familiar with Apple’s iteration trends for the iPhone, you might expect nothing more than an ‘iPhone 4S’ – a device identical in appearance to iPhone 4 but with a boost in processing power in the same vein as the iPhone 3GS.

It’s reported that some developers have access to such a ‘4S’ device – but according to BGR, iPhone customers commercially will see something more “radical”. Citing a ‘reliable source’, the site claims the iPhone 5 will sport a “radical new case design”

Apple most likely delayed the launch of the next iPhone due to parts supply issues as a result of last March’s massive earthquake that hit Japan. The device is expected to have the dual-core A5 processor inside which is the same chip that powers Apple’s current iPad 2 tablet. The new phone is not expected to support the 4G network on either Verizon or AT&T.

Citing “people familiar with the product”, the publication says the iPhone 5 will boast a more powerful A5 processor, the same chip included inside the iPad 2. It also says the new iPhone will feature an 8-megapixel camera, up from the 5-megapixel model included in the iPhone 4. Apple is also testing a new version of the iPad that has a higher resolution screen, similar to the one now used in the iPhone 4.

That’s one full rumours board. Expect it to get noisier as the phone’s imminent release approaches.