Bloomberg reported yesterday that the iPhone 5 will be launched in September this year.

The device will include the A5 processor, the more powerful chip that Apple added to the iPad 2 earlier this year, along with an 8-megapixel camera....The new phone will run the iOS 5 operating system Apple previewed at a developer’s conference this month. Codenamed “Telluride,” it will feature already-announced features such as improved messaging and photo-sharing, one person said. It’s also designed to run on all of Apple’s mobile devices, this person said.
And here's more interesting news:

Apple is also working to finish a cheaper version of the iPhone aimed at attracting customers in developing countries... This device would use chips and displays of similar quality to today’s iPhone 4
You can read the full news story at http://www.bloomberg.com/news/2011-0...september.html