Apple will introduce the next version of the iPhone on Sept. 12, Bloomberg reported today two people with knowledge of the company's plans. The new iPhone will reportedly have a larger screen, a thinner body, a smaller dock connector and is expected to work with LTE networks.

Apple is competing with Samsung Electronics for supremacy in the smartphone market. Apple's strategy to release a single smartphone each year has been beneficial for Samsung, which has become the world?s leading handset maker by putting out several devices a year in a range of sizes and prices.

Apple declined to comment.

During its quarterly financial results, Apple increased the prepayments it is making for components, a move that may indicate a new product is going to be introduced.