Apple Inc. plans to introduce the iPhone 5 in September. The Cupertino, California-based manufacturer of the iPhone, the iPad and the iMac, delayed the release of the fifth generation iPhone to coincide with the release of the new iOS 5, according to a report.

Bloomberg News, citing two people familiar with the plans, reports that the iPhone 5 will closely resemble the iPhone 4 but will have a more powerful chip and a more advanced camera.

Bloomberg News reports the iPhone 5 will have a A5 processor, a more powerful chip that was added to the iPad 2, which was released in April. The report says a faster chip will enable speedier data downloads and help the device vie with handsets being introduced by rivals that are powered by Google Inc.'s Android operating system. The iPhone 5 will also have an 8-megapixel camera, up from the 5-megapixel model of iPHone 4, according to the same people cited by Bloomberg.

A tech site BGR (Boy Genius), says otherwise. BGR, citing a reliable source, reports that the upcoming iPhone will have a radical new design and the new device will be announced in early or mid-August with availability later that month.

Jeff Bertolucci in a blog post at PC World notes that while Apple is always on the bleeding edge of industry design, he said that don't bet on a radical new design for the iPhone 5. Bertolucci points out that BGR has not provided details on the next iPhone design and that Apple need not do a bold makeover of the iPhone 4 design as the device has found overwhelming success in the market.

BGR, a Wall Street Journal tech blog points out, is the same site that proclaimed on June 1 that Microsoft Corp. inked a $19 billion deal to acquire Nokia's phone business, which deal never came to be.

Apple, is also testing a new version of the iPad that has a higher resolution screen, similar to the one now used in the iPhone 4, one of the people familiar with Apple's plans said, according Bloomberg News. Apple is also working to finish a cheaper version of the iPhone aimed at attracting customers in developing countries, the people said.

Apple Inc. has not made any official announcements about the iPhone 5. Both Bloomberg News and BGR cited "reliable sources." Bloomberg News is Wall Street's leader in the market for business media and clearly has a more reliable reputation.

Hence, pending the official announcement from Apple, we can't bet that the iPhone 5 will have a new bold design.