Rumor: iPhone 5 to debut in September  The technology rumor mill was pulsating on Wednesday as speculation grows over the release date of the next iteration of Apple's iPhone, according to a published report.

Bloomberg reports that Apple could introduce the iPhone 5 in September of this year. The smartphone, which has helped fuel the company's rapid growth over the past five years, would come equipped with a stronger chip for processing data and a more advanced camera, two people familiar with the product told the news source.

According to the two sources, the iPhone 5 will feature the same A5 processor that the company implemented in its iPad 2. What's more, it will also have an 8-megapixel camera, which is significantly more powerful than the 5-megapixel camera used on the iPhone 4.

The iPhone is Apple's most popular gadget, and during the company's most recent fiscal quarter it accounted for roughly 50 percent of revenue. The phone will also run on Apple's iOS 5 operating system, which Apple showed to industry insiders at a developer's conference it held this month. 
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