Apple looks set to unveil the new iPhone at a special event on September 10, with a budget version of the smartphone also expected for release.
Sources close to AllThingsD claims the 'Big iPhone Event' will finally lay to rest a host of rumours regarding new releases coming out of Cupertino.
Unsurprisingly the device will be running on iOS7, which has been in testing since June.
"The launch comes at an important time for Apple," reports AllThingsD.
"Which continues to make a lot of money from the iPhone but has seen its global market share dip amid a growing wave of lower-cost Android devices as well as an intense battle with archrival Samsung.
"One of the key questions is whether Apple adopts a new tactic to address the mid-range of the smartphone market."
The website claims the company may stick to past business models, such as offering its year-old and two-year-old models for $100 and $200 less than a new iPhone.
But with a budget smartphone strongly tipped for release, how will Apple play it?
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