Expected to be the iPhone 7, it will follow the 6s launched in September last year and the smaller iPhone SE unveiled in March.
At a live event in San Francisco on September 7, the biggest upgrade expected in this generation of iPhone is believed to be in the camera, with most speculation and alleged leaked images pointing towards the introduction of a second camera lens on the rear of the larger Plus device in order to improve photo-taking.
However, news that Apple is set to remove the headphone jack completely and instead encourage users to move to wireless and Bluetooth earpieces has been met with a mixed reaction.
Removing the headphone port would enable the tech giant to make the iPhone thinner.
The new phone is also likely to receive the usual internal upgrade to improve speeds and loading times, while it has also been suggested that Apple will do away with the 16GB of storage-sized device.
The Apple Watch could also be in line for an update at the event in San Francisco, with reports suggesting improved GPS and a faster processor could be added, as well as a camera for the first time.