Rumor: New iPhone release date set for August

The iRumor mill is at it again.

Weeks after gadget geeks were all atwitter over a patent filing for a touchscreen watch, the speculators have returned to a more familiar target: the next iPhone release.

According to a report from AppleInsider, the latest iteration of the popular smartphone will almost certainly follow the established pattern of a late summer release, but with a twist.

Apple could be preparing to release not one, but two models of the iPhone in August: one, dubbed iPhone 5S (an incremental update to the iPhone 5, much as the iPhone 4S was an update to the iPhone 4) and a cheaper iPhone aimed at China's expanding market.

Both devices are expected to be manufactured at Foxconn, the Taiwanese mega-manufacturer that assembles an estimated 40 percent of all consumer electronics worldwide.

The iPhone 5S is expected to be a "world phone," meaning it will be compatible with frequencies for most LTE networks. iPhone 5, conversely, requires different models for different LTE networks.

AppleInsider's report, which sourced Chinese tech news site EMSOne, said the cheaper model will not be a world phone.