New sources say that the release of the new iPhone 5 could be as early as August instead of October, and could be accompanied with the release of a new smaller version of the iPad.

According to Latinos Post, reports from Taiwan's Central News Agency said that the highly anticipated phone will make its debut in the U.S. in August.

The Taiwanese source said that Apple's change of tactics is due mainly to the growth and sales of the Samsung smartphones; Samsung released its Galaxy S3 phone a few weeks ago in the US and has taken the market by storm, according to Latinos Post.

The website also said that "An August release of the iPhone 5 would ensure that Apple cuts into Samsung's profit window and would likely swing the market back in Apple's favor."

As if Apple doesn't already have the technology market in its hand, reports from Bloomberg suggest that the new iPad Mini will be announced in October, which may fall in line with the release of iPhone 5, according to Game N Guide. The report also indicated that the iPad mini will have a 7 to 8 inch IGZO display with 330 pixels/inch. These new smaller iPads will be more affordable, according to Auto World News.

Either way, reports say that Apple is slowing production of the iPhone 4S, due to the launch of the new phone.

According to analyst Shaw Wu, the Cupertino-base firm has reduced the number of iPhone orders by 20%-25% for the next quarter, in an article posted by Tech Radar.

Wu reckons that the decease is "due to the upcoming 6th generation iPhone refresh likely in the September-October timeframe".

Foxconn CEO Terry Gou recently stated that the phone will put the new Samsung Galaxy S3 to "shame," according to Latinos Post.

Rumors say that the iPhone 5 will be larger and that it will have a larger 4-inch display. It will offer a taller screen, but not a wider screen, according to gottabemobile.com. This larger screen "would offer more room to read and see information in portrait mode and a wide-screen aspect ratio similar to what's found on HDTVs when the phone is turned on its side to watch TV or movies."