As with all iPhone 5 rumours, the question isn't whether the device exists, but rather what it'll come equipped with and when it'll see the light of day.

The latest chatter, detailed by Bloomberg, suggests September is the date currently being pushed by those in the know, with the handset set to sport Apple's A5 processor – as featured in iPad 2 – and an 8MP camera, up from iPhone 4's 5MP variant.

Rumour round up

None of the details are especially revolutionary, all falling back on rumours that have previously done the rounds, but Bloomberg claims they have credence given they stem from "two people familiar with the plans" who asked not to be identified.

The new model will naturally come loaded with iOS 5, detailed by Apple during WWDC 2011 at the start of June.

Of more interest, however, is the suggestion the revised model will be joined on the shop shelves by a cheaper device, designed to curb Android's current dominance in emerging markets.

This is the same rumour that broke at the start of the year with no end product, but said sources claim it was no hoax, and the device will sport the same level of tecnology as iPhone 4.

Finally, an updated iPad is also said to be in the works, sporting a Retina resolution screen.

[source: Bloomberg]