Apple's next biggest offering iPhone 5's release date is one of the hotly-debated topics in the tech gossip world.

While reports claim that the next generation iPhone 5 does exist and is waiting to be released anytime this year, here are some more latest updates on the release date of iPhone 5, along with the factors coming (or not coming) in its path of release.

A report, claiming the existing shortage of chipsets at Qualcomm may hamper the production of Apple's new device and may not allow the company to release the phone before October, alarmed the tech world last month.

However, according to an analyst at investment bank Piper Jaffray, freshest reports via AppleInsider have emerged in the media world that states that a shortage of Qualcomm's 28nm chips will not affect the production of the next generation iPhone. The report states that Apple will go ahead and unveil the new device with a "completely redesigned body style", sometime in October of this year only.

Further the analyst mentioned in the report, citing Gene Munster's note sent to the investors that, "The bottom line is that we remain comfortable with an October iPhone 5 launch despite the reported 28nm chip shortage at Qulacomm. "

Qualcomm is assuemed to supply the baseband chip for the next-generation iPhone. Both the iPhone 4S and the third-generation 4G iPad make use of Qualcomm cellular chips.

According to the report, Apple will most likely meet its iPhone sales target for Q4 2012 and if it can't, due to supply shortages, it will make up the loss by the next quarter.

The report also spoke about possible specs of the next iPhone, popularly dubbed with the name of iPhone 5. The phone will most likely sport a 'completely redesigned body style' and may 'more closely resemble the metal rear panel of the current iPad'. Recent reports also became rife that Apple will trigger the next iPhone with a 4-inch screen.

The Wall Street Journal claimed that Apple had been placing orders for screens measuring "at least 4 inches diagonally." In line with the same information, the Munster report also claimed a 50 percent chance to a feature a larger screen in the upcoming Apple smartphone. Further, the new smartphone reportedly would be offering 4G LTE connectivity and would come with improvements in memory, camera and processor.

Munster's predictions are largely in line with those of his fellow analysts. Multiple investment firms have also suggested that Apple will release a redesigned iPhone with LTE in September or October.

Further, latest reports from 9to5 Mac are also spreading news that Apple is indeed in the process of testing a new model with a larger and higher-resolution display. Mentioning an iPhone 5,1 and iPhone 5,2 that are presently in the pre-EVT (Engineering Verification Test) stage of internal testing, the site has noted that both variants will be equipped with a 3.95-inch screen spanning a more elongated 1136 x 640 resolution.

Additionally, the reports have also hinted towards an updated version of iOS 6 being worked on, adding a fifth row of icons to the homescreen and extended interfaces within apps to let the users see more content. That would count upto an extra 176 pixels longer of a display, according to 9to5 Mac.

Also their sources have informed that the new iPhone's dock connector will be redesigned to the size of something between a Micro-USB and Mini-USB connector. Additionally, rumors say that this new dock connector will eventually make its way to all iOS devices.

Meanwhile, other features that are likely to be incorporated in the upcoming iPhone model are Retina display, an A5X Variant chip, 1GB RAM, iOS 6, 4G LTE technology, Near Field Communication (NFC) technology, improved Siri, liquidmetal casing, an 8 megapixel (or even higher) rear camera, a 2 megapixel front-facing camera for video chatting and a much-improved battery life. Also, latest rumors from numerous reports have suggested that iPhone 5 will come with a smaller dock connector that is "closer to a pill shape", Gorilla Glass 2 protection, upgraded PowerVR chip for improved graphics capabilities.