The rumor mill still suggests that Apple will release the iPhone 5 in the summer, and initially unveil version 5.0 of the iOS software this spring.
However, there's now speculation that the new operating system won't be available for the devices until the third quarter.
That would mean the iPhone 5 will initially ship with an earlier version of iOS than version 5.0, although it'll be easily upgrades to the latest software when it becomes available.
Tech Crunch, which cited two unnamed, but "solid," sources, reports that Apple will reveal the latest iteration of its mobile OS in June at the company's Worldwide Developers Conference.
Historically, when Apple unveils a new version of iOS, the actual release isn't far away. But it looks like that won't be the case here.
It's still unclear whether iOS 5.0 will be available for all iPhone and iPad products, or if some of the earlier models will be shunted out of the latest software. Suggested updates to the operating system revolve mainly around cloud-based computing and storage solutions, as well as a stronger emphasis on location-based features.