Apple may release the new iPhone 4G at the Worldwide Developer Conference on Monday.
Apple CEO Steve Jobs is expected to launch the fourth-generation iPhone at the company's developer conference, which starts 7 June.
The new version of the best selling smartphone is rumoured to come with a faster microprocessor, higher flash memory capacity, dual integrated cameras, new iPhone OS 4.0 and graphical improvements.
The new iPhone is also said to come with a new and improved design.
Although iPhone 4G is expected to see the same success like its predecessors, market analysts have predicted that the phone would have to face more competition than its older siblings.
The iPhone 4G is entering the smartphone market at a time when nearly 300,000 phones loaded with Google's Android OS are being activated daily.
WWDC is also expected to see the launch of Apple's web-based iTunes and the new version of Apple TV as well.