Apple is set to unveil its new iPhone on September 10, tech blog AllThingsD reported.

AllThingsD has a proven track record on reporting Apple inside information. The tech blog claims that the Silicon Valley giant is planning to debut its latest version of iPhone during a special event next month, and subsequently, Apple will make the mobile device available for consumers before the holidays.

The late Steve Jobs' company is well known for its innovation and trend-setting capacity so it's no surprise that people are speculating on what new features the company will introduce. It was noted that Apple is reconnoitering the idea of iPhones with bigger screens, as well as producing cheaper models in a variety of colors, over the course of the year, several sources revealed.

The only confirmed detail about the latest Apple gadget is that it will be running the iOS7 operating system, as announced during Apple's developer conference last June.

The phone's release date, likely to be called iPhone 5s or iPhone 6, fits the schedule the company has long since established during the release of the first iPhone in 2007. Apple released a new iPhone model every year, during either summer or fall.

Ina Fried of AllThingsD wrote, "The new [iOS 7] software includes a radical redesign of the overall look of the iPhone's menus and icons, but the other new features are largely incremental updates, such as improved notifications, better photo-organizing abilities and additional capabilities for developers."

Apple's upcoming event will have a great impact on the company's future. While it dominated the smartphone and tablet markets during Steve Jobs' reign, Samsung surpassed the Cupertino, California-based company as the world's largest smartphone maker, Chicago tribune reported.

Apple continue to experience a dip in sales as more and more Android devices and Samsung smartphones take away huge chunk of the company's smartphone market share.

Apple experienced a 20 percent fall on its stock value since January of this year.