Apple's iPhone 5 is expected to feature only "slight modifications" over its popular predecessor, including an 8 megapixel rear camera, a Qualcomm baseband for GSM and CDMA models and an improved antennae design.
The latest iteration of the iPhone will also be powered by the same "faster" A5 processor found in Apple's iPad 2.
According to Concord Securities analyst Ming-Chi Kuo, the "main selling point" of the iPhone 5 will be the new iOS 5 mobile operating system, with more radical hardware changes scheduled for 2012.
Indeed, the sixth-generation iPhone is likely to boast a new design, along with "greatly improved" hardware specs.
The iPhone 6 could hit the street as early as the first half of 2012, due to "fierce competition" from Google's Android mobile platform.
Meanwhile, the iPhone 5 is reportedly slated to enter trial production in August and mass production in September - with shipment volumes pegged to reach between 28 million and 32 million units by the end of 2011.
Although Kuo's report has yet to be confirmed, it is worth noting that the analyst accurately predicted the iPad 2's 1024-by-768-pixel display and precise camera model.
In March, Kuo claimed Cupertino was poised to begin production of its long-awaited iPhone 4. Recently, numerous reports seemed to confirm Apple will make the white iPhone 4 available for sale over the "next few weeks."