(Image source: Apple)

BY LAISHI ZHOU

ANCHOR BLAKE HANSON

Rumors are swirling as Apple prepares to launch iOS 5 and perhaps the newest iPhone.

Apple has sent out invitations to an October 4 event, and many are speculating that both will be released shortly thereafter.

PCWorld summarizes what we know so far about iOS5 and the newest iPhone -- of which analysts have two schools of thought.

“Two theories prevail about what the next iPhone will look like. Theory one is an all-new design device (iPhone 5), which would feature a tear-shaped design with a metal back and a slimmer body, while theory two (iPhone 4S) is that it would look identical to the iPhone 4, but with bumped-up specs…”

PCWorld adds that improvements to mail, Safari and notifications are likely included for the iOS 5 update, and the voice assistance could be integrated into the iPhone.

But will the new iPhone be a 4s or an iPhone 5? Mac Rumors reports that what-appears-to-be iPhone 5 cases are already being sent to AT&T stores.

“Third-party cases continue to be essentially the only evidence in favor of a redesigned iPhone 5 even as evidence for the iPhone 4S continues to mount in the form of parts leaks, inventory database listings, and other reports from sources.”

Some experts speculate Apple may release both the iPhone 4S and iPhone 5. That idea is getting debunked because the company keeps referring to their new product as the ‘iPhone’—singular. But FastCompany argues the singular has nothing to do with numbers.

“Apple refers to its devices like this nowadays, to support the branding notion--it's ‘iPod’ and ‘iPad’ and ‘iPhone’ when mentioned singly or in groups. And why would Apple go to the bother of telling pundits we're only going to see a single phone? In our mind, two iPhones are still a distinct possibility.”

The International Business Times says consumer expectations are high, but Apple will reap the most benefit from releasing the iPhone 5. It cites a survey from InMobi.

“Twenty seven percent of Android users said they were willing to switch unless the Oct. 4 event only yields an advanced iPhone 4. In that case, only 11 percent would be willing to switch.”

5 or 4s -- A few days from now, we’ll see who tells the best fortune.