Apple will reveal the iPhone 5 at a keynote on August 7, an industry source has told Know Your Mobile.

The mobile website says that the August 7 date correlates with information from June which rumoured the new iPhone's release had been brought forward from October to August.

The source offered no further information on the specification of the iPhone 5. Previous rumours indicated a larger 4 inch Retina display, an NFC chip and a speedier processor.

iPhone 5 is also expected to debut iOS 6, promising improved Facebook integration and overhauled stores amongst other changes.

All eyes will be on Apple to produce a new handset capable of bettering the newest Android devices such as the Samsung Galaxy III.