Rumors and speculations are piling up about Apple’s new smartphone, commonly dubbed the “iPhone 5”. According to the latest rumor from Know Your Mobile, Apple will announce the new phone on Aug. 7.

Previous rumors stated that Apple may have been planning on October launch after the release of its next mobile operation system, iOS 6, which was introduced at WWDC 2012 in June. However, some speculated Apple to launch iPhone 5 earlier in September, or even in August. The new rumor from Know Your Mobile may strengthen the early launch rumor of the much anticipated device.

“Apple will announce the iPhone 5 on August 7, Know Your Mobile can exclusively reveal,” wrote on their website.

“A reliable industry source who wishes to remain anonymous revealed to Know Your Mobile that Apple’s highly-anticipated and much-[rumored] iPhone 5 will be launched via a keynote speech on August 7.”

The report did not disclose any pricing information.

Although it is highly unlikely for Apple to release a new smartphone model only 10 months after the previous iPhone 4S, which was launched in October of 2011, some speculated that the Cupertino-based IT giant is trying to fight the battle early against its competitors, such as Samsung Galaxy S3. A Taiwanese supplier said Apple may be planning an August launch of the new device.

Samsung Galaxy S3 is considered the main challenger of Apple. The flagship phone of Samsung was an instant success in both Europe and United States, threatening the smartphone throne that Apple once had. Galaxy S3 has 4.8-inch HD Super AMOLED screen, near-field-communication (NFC), and two cameras – 8-megapixle rear and 1.9-megapixle front. The European version has quad-core processor and the U.S. version a dual-core processor with 4G LTE. The South Korea-based company said they plan to sell 10 million units during July.

Rumor has it that Apple may be planning something big this fall in order to compete against Galaxy S3.

If the rumors hold true, Apple will increase the screen size of its new iPhone from 3.5 inches to 4.0 inches. This will also change the aspect ratio from 3:2 to 16:9. In addition, it is rumored that iPhone 5 may sport a quad-core processor along with 4G LTE, which Samsung Galaxy S3 failed to do in Europe and United States. In Europe, Galaxy S3 has quad-core processor but no 4G LTE, and in United States, Samsung had to settle with a dual-core processor in order to have 4G LTE service.

As for the operating system, iOS 6 is expected to power iPhone 5. The new operating system was introduced at WWDC 2012 last month and has in-house developed Maps, replacing Google Maps as the default mapping service. The new Apple’s Maps will have 3D viewing option as well as turn-by-turn navigation. Apple’s voice service Siri is also to be upgraded and to have more integration in iOS 6.

Terry Guo, Foxconn’s CEO, said iPhone 5 will put Samsung Galaxy S3 into “shame”.

Is it possible to see an official introduction of Apple iPhone 5 on Aug. 7? Apple fans certainly hope so.