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Apple are to release the iPhone 5 in the summer of 2012, and will come as the final product to have been overseen by Steve Jobs "from concept to final design", according to reports.

The next-generation smart phone was expected to be unveiled at Apple's 'Let's Talk iPhone' media event earlier this month (Oct), but the company instead showed off an update of the current iPhone 4, the 4S, instead.

The new handset features an A5 dual-core processor, eight-megapixel camera, full 1080p HD video, and a voice control assistant, Siri.

Sources are now suggesting that Apple have indeed designed a brand new iPhone, one that fits with the rumoured specs of the iPhone 5 that were circulated before the 4S was revealed.

It has been reported that Apple encountered a number of problems developing the iPhone 5, meaning that it would miss the Christmas market had it been released sooner.

This led to the firm delaying plans to release the iPhone 5, and introducing the 4S instead.

The 4S has sold over 4 million units since being released on October 14.

The expectation now is that Apple will unveil the iPhone 5 in summer 2012, most likely at the Apple Developer's Conference, which has become a traditional event to unveil new iPhone products.

CNET reports that ex-CEO Steve Jobs "dedicated all of his time" to the project, and "was not that involved in the 4S because his time was limited."

Rodman & Renshaw analyst Ashok Kumar spoke of his belief that the iPhone 5 was "the last project that Steve Jobs was intimately involved with from concept to final design", and is convinced that it will go on to become a "cult classic" due to this association.

Jobs lost his battle with pancreatic cancer earlier this month.

Sources close to the project say that the iPhone 5 will be slimmer than the 4S, and will come in the form of a "tear-drop" with a larger screen and 4G connectivity.

A history of the mobile phone...