First Posted: Jul 10, 2012 04:15 PM EDT

Employees work inside a Foxconn factory in the township of Longhua in the southern Guangdong province in this May 26, 2010 file photo. (Photo : REUTERS/Bobby Yip/Files)

iPhone 5 rumors continue to circulate throughout the internet as business insiders and industry analysts continue to carefully monitor Apple activities and related news, in order to determine what the new smartphone's impact will be and also what exactly it will exactly.

Here's a list of some key rumors of the smartphone that according to some is expected to put other popular smartphones to shame.

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Release Date - Insiders and analysts are pretty sure Apple will launch the iPhone 5 this fall. Most predictions claim either a September or October release but some argue the date to be sped up for August since Apple is reportedly losing no time to ward-off Samsung Galaxy S3 sales. Some reports related to battery supply shortages might imply production delays, but according to one analyst,  Apple should be successful in delivering the units on time.

Operating System - A given, Apple's new iPhone will operate on the company's soon to come iOS 6, slated for a fall release. Also, Apple is planning on replacing Google Maps as its stock map application with its own in-company version with the iOS 6.

Processor - The new iPhone should have a quad-core processor which should improve battery life and performance.

Camera  - In addition to sporting a more powerful camera, Apple may be surprising us all with interchangeable lens and filters.

Although unlikely since this option would raise the price, this rumor is based on a patent filed in by Apple. A better camera is always a plus when choosing between smartphones, and the company is perhaps thinking in producing a smartphone that may enhance the entire experience picture-taking experience. A better camera means a better phone?

Display Size - The iPhone 5 should sport a larger screen of approximately 4 inches. This would help it contend against rival Android smartphones that have screens larger than the latest iPhone's 3.5 inch screen.

Contrary to this report is what may have been a hint from Tim Cook signaling the screen for the new iPhone to measure below 4 inches. Tim Cook mentioned the following in Apple's WWDC last month:

"One thing is that we're not fragmented. Look at the percentage of users who upgraded to iOS 5. We have one App Store. We have one phone with one screen size, one resolution. So it's pretty simple if you're a developer."

Smaller Port/Dock Connector - Confirmed by insiders and component suppliers, the new iPhone 5 would arrive with a smaller dock instead of its current 30-pin dock. This adjustment may indicate Apple's concern with space, who might be trying to fit more technology in the device.

NFC Chip - One of those new technologies Apple might finally be adding to the phone is an NFC chip. This would allow sharing of data simply by tapping, and an app in the new iOS 6 points that the phone will be able to help make payments as well.

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