Sprint could better compete with rivals AT&T and Verizon by offering the upcoming iPhone 5 with unlimited data plans, according to a Bloomberg news report.

Sprint "plans to begin selling the device in mid-October under a deal with Apple for the next model, the iPhone 5," Bloomberg said, quoting souces who wouldn't be identified.

AT&T used to offer unlimited data but killed off its unlimited plans in 2010. Verizon scrapped its unlimited data plans in July.

Sprint is the only carrier that still offers an unlimited data plan at a cost of $79.99 a month.

T-Mobile's 500-minute, unlimited text and unlimited Web data plan is available for $79.99 a month. However, the company slows down data speeds once a subscriber consumes more than 2GB of data in one month.

Apple still hasn't unveiled its fifth-generation iPhone, although there has been much speculation on the web about possible features and specs of the new device. Last week, Germany's Deutsche Telekom started taking pre-orders for the new iPhone model.