The iPhone 5 is likely to be unveiled at an event called ‘Let's Talk iPhone' at Apple's California headquarters on 4th October, according to reports.
Analysts have speculated that the new iPhone will have a bigger screen and work better with remote computing devices.
On Tuesday, Apple invited members of the press to its special "Let's Talk iPhone" event at its Cupertino, California headquarters.
Apple has usually unveiled its devices in venues in San Francisco.
The media invitation did not have any details as to what was happening at the event and an Apple spokesman did not provide any further details.
The launch of the iPhone 5 will be the first since former CEO and co-founder Steve Jobs stepped down, and the first launch under the new chief executive Tim Cook.
It is not clear whether Jobs will be at the event or not.
The iPhone, which was introduced in 2007, remains one of the top selling phones in the smartphone market.
Hon Hai Precision Industries and Pegatron Corp of Taiwan will manufacture the new iPhone and have been told to increase capacity to up to 45 million units, according to reports.
Shares of Apple rose 0.6% to $405.66 on Nasdaq on Tuesday.