One of the most anticipated products of the year is about to be unveiled. Apple has sent invitations to reporters to a news conference next week, a move that strongly hints at the impending debut of the iPhone 5.

The event, planned for Sept. 12, will be held in the same San Francisco location that Apple usually unveils its latest gear.

Apple has yet to release any information about the hot new product, but inside sources say it is likely to sport a larger, higher-resolution screen as the U.S. firm looks to take on Samsung's Galaxy S3.

The new iPhone is also expected to be compatible with the latest fourth-generation cellular networks in the U.S. After it is unveiled, market watchers say the new iPhone will hit U.S. stores within one or two weeks.