Latest reports claimed that Apple's next generation of smartphones will be released either this late summer or fall.

According to MacWorld, new reports suggested that Apple's next iPhone dubbed as iPhone 6 and iPhone 5S will be released this summer. The rumor echoes reports in May that the next generation of the iPhone may arrive in late summer, likely in September.

The tech giant reportedly gave Sharp the contract to mass-produce the LCD panels for the next iPhone in June at a plant in Kameyama, Japan, according to a report from Japanese newspaper Nikkan Kogyo Shimbun.

In March, Peter Misek, an analyst for Jeffries, said that the release of iPhone 6 would be delayed from June or July to September. There were apparently issues with suppliers being able to produce the five new color options rumored to be in the works.

According to CNET, analyst Brian White noted that the iPhone 6 will likely launch in 2014 and will have a larger screen size than the 4-inch display found on the iPhone 5. White believes that the new low-cost iPhone is the iPhone 5S and would come in four or five different colors.

Reuters reported in May that Pegatron, the company that makes iPhone, said it will increase its workforce in China by up to 40 percent during the second half of the year, leading to speculation that the new iPhone will release in the fall.

Finally, Apple chief Tim Cook also dropped several hints that the upcoming iPhone 6 and 5S will be released later this year. Cook said that no new products are to launch before the end of the year.

Amidst the release date speculations, the next iPhone is rumoured to feature Retina or IGZO screen display, A7 quad core chip processor, iOS 7, 128GB internal storage, 13 mega-pixel camera, and longer battery life. The lack of NFC support on the iPhone 5 was one of the biggest criticisms aimed at Apple's smartphone.

Meanwhile, the cheaper iPhone 5S is rumoured to sport a plastic casing, 4-inch screen display, dual core processor and 8-megapixel camera. The smartphone is speculated to be available in five to six different colors.

Both Apple smartphones are rumoured to include a fingerprint sensor technology for added security. The rumour is strengthened by the report that Apple bought a fingerprint technology firm Authentec last year.

However, the Cupertino-based tech company did not give an official statement on the rumours surrounding iPhone 6 and iPhone 5S.