Apple is expected to announce the next generation iPhone and a new iPad at a keynote that might be held on September 12. According to a report by iMore, the keynote event will be held on September 12 and pre-orders will begin the same day. Release of the new iPhone in the United States will be 9 days after the announcement, on September 21. International markets will see the new iPhone on October 5.

Price drops of the existing iPhone reaffirm the imminent release of a new iPhone. At Target, the iPhone 4S dropped to $179. Sprint also dropped the price to $149 and Best Buy discounted the 8GB iPhone 4 for just $49. Revenue from international component makers also hints that production of a new iPhone has began. The revenue of Taiwanese component makers has jumped 14% from June to July. This is the largest month-to-month increase for any July. (Source: Computerworld)

The next iPhone is rumored to have a 4-inch screen, compared to the previous 3.5-inch screen. Additionally, the dock connector is expected to change to a smaller, lighter version. We are also hoping for 4G LTE, NFC, and a faster processor.

The iPad Mini is a completely new product that is rumored to also appear at the September 12th keynote. The tablet is expected to be sold anywhere from $249 to $299.

Read our previously reported top 3 rumors of the iPhone 5.