A report by The China Times [via MR] claims that the “iPhone 5” will be released during the second week of September, with an apparent initial shipment of 4 million units, in addition to 400,000 trial units.

Recent leaks have suggested a multitude of new features, such as an increased screen size, a tapered/sloped rear housing, and even the home button doubling as a gesture area. Until this report, there was speculation on whether the new iPhone would be launched as the iPhone 5, or iPhone 4S. With this recent report pointing towards the release of an iPhone 5 this September, we will likely see a major overhaul of the iPhones design, despite predictions prior to the the past week.

Also mentioned in The China Times report is the possible postponing of the “iPad 3″ due to supplier shortage, as usual. MR adds:

The China Times has had a hit or miss record with Apple-related rumors, though they do seem close to Apple’s suppliers in China and may certainly have knowledge of their production plans.

Keep your browser tuned to iJailbreak.com for info and updates. Let us know what you think of the iPhone 5 “theory” in the comments section below.