iPhone 5 to be released on August 7 - report

Gadget blog Know Your Mobile is reporting that a "reliable industry source" who wishes to remain anonymous has told them that the highly-anticipated iPhone 5 will be launched during a keynote speech on Aug. 7.

There are no other details regarding the product specs, the design or the availability. Rumors are floating around that it will feature a larger Retina display and a next-generation processor setup. There are also rumors that the aesthetics will differ significantly from the previous versions of the iPhone.

The new iPhone will also debut the next version of Apple's iOS operating system, iOS 6, which is expected to be on par with Microsoft's Windows Phone 8 and Google's Android 4.1 Jelly Bean.