Device depth is also expected to get trimmed.
Morgan Stanley analyst Katy Huberty says the successor to the iPhone 4S is likely to be ready for production by the end of Q2 in order to receive a Q3 release later this year, which will be dependent on market competition nearer the time.
Huberty claims Apple is considering a new device casing and touch panel tech in order to make the device depth slimmer than the current 0.37-inches of the 4S.
She also believes it will feature a Qualcomm quad-mode chip to enable both 3G and LTE use for all network types.
The report also highlights a svelte iPad 3 in the works, which is expected to come with thinner frame and a higher quality display than the iPad 2. Production is expected to begin at the end of Q1, according to the report.
In the report, Huberty says: "What is clear about iPhone 5 is that Apple and its supply chain are positively surprised by the demand for iPhone 4S, which increases confidence in strong sales for iPhone 5 later this year. Overall, the supply chain looks for stronger than market growth for both the iPhone and the iPad."

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