Earlier today, The Wall Street Journal confirmed reports that Apple will release the next generation iPhone later this fall. According to various sources close to the supply line, the iPhone 5 is expected to be trimmed down in comparison to the already popular iPhone 4 model. While there is no word on whether Apple will name the next generation smartphone the iPhone 5 or the iPhone 4s, the new model will be both lighter and thinner than the current iPhone 4 model.

In addition, the report suggests that the next iPhone model will have a camera upgraded to 8 megapixels, a resolution boost up from the iPhone 4′s 5-megapixel sensor and a confirmation of an earlier rumor that the next generation smartphone will sport the same powerful A5 processor as the iPad This improvement would yield a significant speed boost for the device.

Finally to further help solidify the iPhone 5 rumors, DigiTimes suggested that Pegatron, a Taiwanese component manufacturer, will prepare 15 million of Apple’s iPhone 5 smartphones for a September launch. Apple hopes to sell 25 million units of its new iPhone by the year’s end.

What do you think? Are you excited for the launch of the iPhone 5?