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A new report indicates that Apple's new iPhone is coming in September. The iPhone 5 is expected to be powered by a faster processor and a more advanced camera, Bloomberg said in a report late Tuesday.

Bloomberg appears to confirm the general timing of the release of iPhone 5 or iPhone 4S as well as a handful of other details. The publication cited two people "familiar with the plans" who said that Apple will introduce the new iPhone in September. The sources also said the iPhone will include an A5 processor and an 8 megapixel camera.

Apple is also testing a new version of the iPad that has a higher resolution screen, the report said, adding a cheaper version of the iPhone aimed at developing countries is also in the works.



The new phone will also run the iOS 5 operating system Apple previewed at a developer?s conference this month. The "Telluride" OS will feature already-announced features such as improved messaging and photo-sharing and has been designed to run on all of Apple?s mobile devices.

Apple has not commented on the report.