Although Apple was thought to be releasing the iPhone 5 in the near future, it appears that users may have to wait a bit longer. Instead, it seems that Apple will only be releasing a minor upgrade to the current iPhone 4 this year, and a lack of 4G chips may be to blame. According to Business Insider, Apple was prepared to work on the iPhone 5 which is expected to include 4G connectivity, but the chipsets needed for the production were not yet available in high enough quantities so the company backed off of the complete redesign and instead are releasing a smaller update to the phone.
The report mentions that the updates to the phone include better cameras, the dual core A5 processor, and HSPA+ support. Also of note is that the phone is expected to land on both the Sprint and T-Mobile network, in addition to AT&T and Verizon. That would give all of the major carriers in the United States access to the popular mobile device, although AT&T is currently in the process of trying to acquire T-Mobile.
It sounds like iPhone users will have to be content with waiting for the iPhone 5 until sometime in 2012. If this new model is indeed available to the other two carriers, it could also still increase Apple's market share and help it to keep pace with the growth that Google's Android platform has been experiencing.