Commonly referred to as the iPhone 5, the device is one of two gadgets the manufacturer is preparing to launch over the coming months, The Guardian reported.
Citing reports from component suppliers in Asia, the news provider claimed that the new phone will look like the existing iPhone 4 but boast improved features including an 8MP camera and an A5 processor.
Reports claim the new smartphone will be coined either the iPhone 4G or 4S and will see some of the external features, such as the volume control buttons, removed and replaced by internal operations.
According to the Guardian, the September release will be followed by another device as early as March 2012, although the timing for this device is "a little less certain".
The news comes after industry publication Smart Gorillas credited smartphones with having a "massive impact" on the way businesses operate.
