The iPhone 4S will more likely be the next iPhone and not a redesigned iPhone 5. There have been many rumors floating around about a thinner and larger screen size iPhone. However recent sources indicate that the next generation iPhone's design will not change, and that only internal changes will be made, much like the iPhone 3GS. According to Macrumors, there is a report from analyst Ming-Chi Kuo states the following key features in the next generation iPhone:

- 512 MB of RAM: This is to be expected, as the next iPhone should be using the same A5 chip found in the iPad 2, which does in fact offer 512 MB of RAM.
- Camera module height "almost same" as in iPhone 4: Camera thickness is the major limiting factor for overall device thickness, meaning that the next iPhone is not likely to be significantly thinner than the iPhone 4. Sony is said to have started shipping camera sensors to Apple's manufacturers back in July, with OmniVision coming online to assist in September or October.
- 3.5-inch display: A number of rumors have claimed that Apple will be using a larger display for the new iPhone, but Kuo's sources indicate the screen will be the same size as that found in the iPhone 4.
- Glass front and back: Although not 100% confident on this item, Kuo's sources suggest that Apple will continue to utilize the same basic design of the iPhone 4, with glass on both the front and back of the device.
- Manufacturing shares: Foxconn is scheduled to handle 85% of the production load for the new iPhone, with Pegatron taking the remaining 15%. As previously noted, Pegatron will be a bit slower to ramp up production, and will primarily be supplying Apple's Asia-Pacific markets.

Although not stated by Kuo, the rear camera is more than likely to be upgraded to at least 8 Megapixels, as Android powered smartphones already have 8 megapixel cameras.