Apple's next-generation iPhone popularly being referred to as iPhone 5 is launching on August 7, claims a blog on Know Your Mobile website. The website makes this claim citing "a reliable industry source" who, it says, has stated that the Cupertino-based tech giant will launch the device during a keynote speech.

Earlier, the same website had reported that the launch date of iPhone 5 has been pushed ahead to August in order to compete better againstSamsung Galaxy S III.

There have been many rumours and leaks about the device. The latest post by Know Your Mobile has pegged the launch date for the much anticipated smartphone at least 3 months ahead of the day when iPhone 4S was unveiled.

Moreover, this launch date will be ahead of the scheduled roll out of iOS 6, which is said to be launched this September. It is anticipated that the upcoming iPhone will be shipped with the latest version of Apple's operating system.

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Though the website's source did not mention any specifications of the device, speculations are rife that the new iteration of the iPhone will feature a host of modifications. These include larger screen size, quad core processor, NFC capabilities, Liquidmetal design and repositioned headphone jack, among others.

Recently, two websites released leaked photos of the still-in-production iPhone with a larger touchscreen and modifications consistent with the rumours, such as relocated headphone jack and larger speaker and microphone grills.