Tech giant Apple is set to unleash its premier smartphone this year but consumers should not expect anything fancy from the company.

According to the Wall Street Journal, which has a history of being correct when it comes to upcoming Apple product releases, the upcoming iPhone will look a lot like the existing iPhone 5. One of the main reasons for this is it will be the quickest product cycle for iPhone.

It is still unclear whether Apple will release the iPhone 6 or the low cost handset dubbed as iPhone 5S. However, the rumoured smartphone that will be coming this summer will just be an improvement upon the existing iPhone rather than a full revamp, meaning that Apple could call it the iPhone 5S instead. Regardless of the name, there are several areas in which Apple could easily improve the current iPhone 5 within the existing body shell design.

New rumours claimed that tech giant Apple will unveil its low cost iPhone, dubbed as iPhone 5S, in June 20 along with the new iOS 7.

According to Japanese magazine Mac Fan, the new iPhone 5S will be unveiled on June 20 and go on sale by July.

It also said the rumoured low-cost version, targeted at India and China, would be launched in August. Mac Fan did not share where it got its news from.

However, the new iPhone 5S will not be imbued with Apple's new mobile operating system, iOS7, it would seem.

Website Stabley Times speculated that the new OS would be unveiled at the WWDC together with the new device and would ship with the iPhone 6 instead. It had based its speculation on the developers' need to test the system.

The report goes on to project the launch of the iPhone 6 to be in October, the same time the iPhone 4 was announced. The report justified its timeline with pressure that it said Apple is facing from Samsung's Galaxy S4 smartphone.

Apple is expected to include an improved camera in the iPhone 6 and/or iPhone 5S which is rumoured to be capable of taking "Super HD" pictures. In order to take snaps at that resolution it'll need to have at least a 13 mega-pixel camera.

The lack of NFC support on the iPhone 5 was one of the biggest criticisms aimed at Apple's smartphone. Rumours suggest that the iPhone 5S could include support for the contact-less technology which can be used to pay for items in retail stores. Other features rumoured to be included in the handset is the A7 quad core chip processor, Retina or IGZO screen display among others.