It has been two years since speculations about the arrival of Apple's iPhone 5 started. There was a brief interval for the rumors about the imaginary smartphone immediately after the launch of iPhone 4S on October 4.

Two months after the launch of iPhone 4S, now fresh rumors are doing the rounds. Eager Apple fans are getting info on the imaginary device through various sources - credible and otherwise.

The release of iPhone 4S had got delayed since Apple had been shifting their production base from Japan to Taiwan. Usually the Cupertino-based company, which announces their iPhone releases close to June every year, went on to showcase their new iPhone 4S in October.

Apple will launch iPhone 4S in China and 21 other countries this month. And announcement of iPhone 5 may happen in June since the new production bases like Foxconn Electronics and Pegatron Technology have settled down with the increased production of iPhone 4S. Also few CNET analysts predict that the new iPhone may arrive this fall.

Although two other products - iPad 3 and iTV - are expected to become major successes, the iPhone 5 launch is going to be bigger than the two other releases planned this year, according to Sterne Agee analyst Shaw Wu.

Shaw Wu has noted that "[The iPhone] is arguably the single most important of AAPL's businesses representing 44% of revenue in FY11 and what we estimate to be at least 60% of profits."

"It also has the largest unit opportunity with a yearly TAM (total addressable market) of 1.5 billion mobile phones," he added.

Moreover, Barclays Capital analyst Ben Reitzes believes Apple's stock will imminently rise if new iPhone 5 comes with a fresh design, a speedier processor, a quick 4G LTE capacity, a bigger screen, an improved camera and additional features including NFC capabilities and Siri.

Even edge-to-edge display is on cards. And Rietzes thinks China will drive the sales as Apple may generate their unit profits of iPhone 5 worldwide in 2012.

The arrival date of the next generation iPhone may depend on the handling of both 4G data and 3G voice adapting to the bigger display model or the ideal 3.5-inch found in present models.