Apple CEO Steve Jobs is expected to unveil the iPhone 4G smartphone today at the company's World Wide Developer Conference in San Francisco.
Jobs is expected to take the stage at 6pm UK time to announce the launch of the new smartphone.
Fox News cites sources within Apple as saying Jobs will also officially unveil the iPhone 4.0 OS and the updated Safari 5.0 web browser at WWDC.
The phone, which Apple is rumoured to have made available in an exclusive deal with Verizon Wireless in the US, will come with dual cameras, High Definition video capturing technology, and will run the new iPhone 4.0 OS.
The new operating system is expected to bring multi-tasking to the smartphone, allowing people to run multiple applications at the same time.
The new Apple smartphone has been the subject of much attention and controversy after Gizmodo acquired a stolen prototype and published details of its workings over the internet.
Speculation has also been voiced that Apple may also announce a new online music streaming service following the closure of recently acquired Lala.