Consumers may finally get their hands on a new iPhone soon as Apple is reportedly working for fourth quarter release of the hit smartphone, according to a Wednesday report by The Wall Street Journal.

The American publication said that once the new iPhone hits the market on late September or early October this year, the device will be sporting a thinner casing, 8MP camera lens and a new Qualcomm wireless chip, with Verizon as the first carrier to offer the handset.

Citing sources with inside track on the iPhone production, the target date, according to WSJ, is based on recent component orders made by Apple, which reportedly will be used specifically in putting together the gadget's new version.

Yet the same sources said that delays still threaten the launch as Apple's Chinese manufacturer of the product, Hon Hai Precision Corporation, is encountering issues with its output due mostly to technical concerns.

WSJ quoted Hon Hai Chairman Terry Guo as saying "the touch-screen devices are so thin. It's really difficult to install so many components into the iPhones and iPads."

Apple has opted to skip launching a new version of the bestselling phone, which has so far sold over a hundred million units, due to production delays that were partly caused by the supply shortages in the tech industry.

According to CNN, the epic quake that hit Japan on March not only shutdown manufacturers that supply crucial parts for the automotive industry but also for the tech sectors, which affected the product launch plans of Apple, RIM, Samsung and Sony.

That production halt has been resolved, however, and full capacity is expected to be reached by early September, just in time for the product calendar goals of many tech firms, including Apple, to issue new smartphone models that are expected to flood the market for the peak holiday season.

For the new iPhone, which has yet to be formally named by Apple, the WSJ sources said that the Cupertino, California-based company is gunning to sell "25 million units by the end of the year."

The report said that Apple is banking on the idea that planned changes on the phone, such as edge-to-edge screen, new charging method and more affordable pricing, will lure current iPhone owners into upgrading their toys.