The successor to the very well-received iPhone 7 is just around the corner, and as expected, more and more rumors and leaks surrounding the upcoming flagship smartphone; reportedly dubbed as the Apple iPhone 8, have been finding their way onto the internet.

The latest buzz around the Apple iPhone 8 focuses on the chips that will allegedly be firing up 2017's new iPhone models up. There's hearsay that the aforesaid chips are all set to go into production.

Citing the technology Apple is looking to incorporate in its next flagship smartphone, Forbes contributor, Ewan Spence believes it's a safe guess that the Cupertino-based tech titan isn't bent on boosting the annual volume of iPhone sales. Here's probably why.

TSMC is expected to start putting the purportedly named A11 system-on-chips together for the tech firm well ahead of the scheduled September launch, according to Chinese-language Economic Daily News (via DigiTimes). The publication hinted at a run of about 50 million units to be built by the end of July and predicted more than 100 million chips will be shipped by the end of the calendar year.

This points to the first production run of the purported iPhone 8 and 8 Plus that are expected to sport larger form factor than their precursors -- the 2016's iPhone 7 and iPhone 7 Plus, to be precise. This is quite an understandable move since despite increasing the cardinal model number, the iPhone 7 family continued to be nothing more than just a tedious update to the iPhone 6S family.

While the current generation iPhone 7S models are likely to stick to that tradition, the looming iPhone 8 will be the new flagship packed with an array of awe-inspiring specs and features. Let's delve straight into the details.

Apple iPhone 8 Specifications & Features

Sporting a bigger 5.8-inch screen based on OLED technology, the iPhone 8 is expected to boast brighter and more dynamic display, and feature shrunk top and bottom bezels. Aside from that, Apple is expected to get rid of the traditional physical home key.

Earlier this year, the Wall Street Journal indicated that Apple, in collaboration with Japan Display, is hard at works on flexible screens for the new iPhones. Encompassing a flexible LCD panel covered by plastic, the newfangled technology can bend and flex.

With these changes, Apple would be hoping to pep up the iPhone market and contribute to bigger sales of the more premium unit; however, taking the volume of chips ordered into consideration, it looks like the company is looking to sell into a market where the number of fresh devices needed every year is unvarying.

It's no secret that the insertion of the A11 will be a major addition to Apple's usual selling points which includes enhanced battery life and speed. Nevertheless, it remains to be seen whether the new chip coupled with the bounded hardware changes will be enough to lure tech enthusiasts. The new iPhone is likely to come bearing a steep price tag of over $1000.