It has been anticipated for months and the rumor mill has been working overtime and finally it seems like the new Apple iphone 5 will be released. According to a report in All Things Digital the latest smartphone will be unveiled on October 4.

It will be launched by Apple’s new CEO Tim Cook who took over from former CEO Steve Jobs who stepped down in August.

It is expected that the new phone will have a 4 inch screen, larger than the previous 3.5 inch screen as well being thinner and lighter as well. It is also rumored to have a much faster A5 dual core processor, iOS 5 and 8 mega pixel cameras which will replace iphone 4’s 5 mega pixel camera. It may have wireless charging as well.

The phone said to have a NFC chip installed in it which will enable the user to make payments with it instead of using a credit card. It will be one of very few phones with this feature in the market at present.

It is expected to come in 16 GB and 32GB in black and white on AT&T, Verizon and Sprint and be made available internationally on China Mobile.