US mobile network Verizon hinted on the upcoming release date of the much awaited iPhone 5.

Verizon jumped in the pool of rumors regarding the release date of the new iPhone 5. According to sources, Verizon's Chief Financial Officer Fran Shammo has dropped hints about the new iPhone 5 launch. The highly anticipated sixth generation Apple handset is expected by many to go on sale this fall.

CNET reported that Mr. Shammo stated that "the company could be expecting a big phone to launch during the fourth quarter of this year." The Verizon's financial officer did not directly mention iPhone 5; however, the statement implied that it is the Apple device since iPhone has greater market share than Samsung handsets in the US.

Moreover, the fourth quarter spans from October to December which is the rumored time of release of the Apple smartphone.

Boy Genius Report also put cold on the ongoing rumor of August 7 release date. According to the "trusted sources" mentioned by the report, the iPhone 5 are currently testing the 4G/LTE connectivity. Thus, September or October release date seem more likely.

The source also confirmed that the new iPhone will be equipped with 1GB of RAM, which is double that of the iPhone 4S' 512MB, an NFC chip for wireless payments.

Some of the features of the upcoming devices obtained some proof. Yesterday, IBTimes AU reported that new patents acquired by tech giant Apple suggests smaller dock connector for upcoming iOS devices that are incompatible with most of previous iPhone accessories.

Patents granted to Apple on July 17, 2012, describe potential changes to the data and power port for Apple hardware. Patent 8,223,483 describes an unreleased dock connector with a movable connector to allow a gadget some wiggle room, while patent 8,222,773 describes a new power adapter for peripheral devices.

However, the patents described charging and data port which matches the design. Sadly, former Apple users who plan to upgrade their handset to the latest iPhone may need to upgrade all of their peripherals and accessories such as speakers and other enhancements with adapter.

Recently, Wall Street Journal ran a report that iPhone 5 will include a much thinner screen. The new screen incorporates touch screen tech directly, rather than in a separate layer, potentially shrinking the overall device.

Still, Apple did not commented on any of the rumors surrounding the iPhone 5. iPhone is still the leading smartphone in Australia in terms of market share. More than 60 percent of the Aussie population owns iOS devices. However, Android devices such as Samsung handsets are slowly becoming popular due to the Android operating system.