Apple is prepping the new iPhone 5S for summer release in August or July, according to different sources.

'Sources familiar with the plans' told iMore blog that the new iPhone 5S will become available for consumers in August.

It is expected that the new iPhone 5S will be released with the same design as iPhone 5, but with a faster, stronger processor and better camera, like 4s was upgrade of 4. The new iPhone is also rumored to feature a fingerprint recognition component.

In addition to the 5S, analysts have predicted the development of a cheaper iPhone 5 that will appeal to emerging market.

Most notably, Ming Chi Kuo of KGI Securities has projected that the new generation of iPhones will be announced in June and reach markets in July.

Ming Chi Kuo has accurately predicted a number of Apple product announcements in recent years and has become a respected predictor of Apple product developments.

Kuo claims the new Apple iPhone release will feature a low-cost model designed to make the iPhone a realistic smartphone choice in emerging markets like China.

His most recent research report claims that Apple will unveil the new iPhone 5S and low cost iPhone this June, and the devices will become available in July. Versions supporting the TDD (time-division duplexing) standard used by Cellular service provider giant China Mobile will follow in September.

Kuo claims that the earlier summer timeline will be taken "to avoid repeating the fatal mistake of last year of the delayed iPhone 5 launch, which gave competitors room to grab market share."

He added in his most recent report that, "the new iPhones...are mainly designed on the basis of the current iPhone 5, which suggests development time could be reduced."

Kuo also claims that all of the new iPhone models, including the lower-cost iPhone, will support LTE. The main differences between the iPhones will be computing power, the quality of camera, a fingerprint chip unique to the iPhone 5s, and the low cost version's multi-color options.

In addition, Kuo predicts that the new iPhone 5S will have a fingerprint chip in the home button to help with security and recognition.

In other Apple rumors, the newest iPad release date could come as soon as next month. Sources claim that the next-generation iPads, most likely 9.7-inch iPad 5 and iPad mini 2 is being considered for April.

5^th Generation iPad cases have already been released to the market, and the 4^th Gen iPad had minor updates of processor quality, LTE compatibility and the Lightning connector.

Certain blogs express doubt about the accuracy of this rumor.

Apple is unlikely to release iPad 5 so soon after the October release of its 4^th generation model and last March's debut of the 3^rd generation.

The iPad Mini 2, which will sport a Retina Display, is unlikely to hit the market while Apple still is enjoying large sales of current version.