A source close to Apple suggests the rumoured hardware update will be ready for launch on July 17th, reports Wired.

It also looks at more apparently leaked specifications, which include Apple dropping the current 8GB model in favour of a 16GB and 32GB range previously reported.

It highlights a new OLED screen, a digital compass, built in FM transmitter and an illuminated Apple logo on the reverse of the handset.

A few aesthetic alterations are also hinted at, along with an extended battery that promises 1.5 times the power of the current iPhone's - something that the extra processing power and addition CPU usage of the 3.0 software will probably be very thankful for.

Some of the features listed still have a pretty big question mark over their heads, but hopefully all will be revealed at the forthcoming Worldwide Developers Conference in June.