acotakara is predicting that Apple will release a SIM-less iPhone 4S followed by a newly designed iPhone 5 in spring 2012.
Referencing an earlier prediction by DigiTimes that Apple will release an 8MP device with a Qualcomm chipset with production beginning in August, Macotakara offers more information from an anonymous source.
This reported product by DigiTimes is improved model of iPhone 4 on same form factor, and uses ARM Cortex-A9 chip as CPU, but it is not confirmed whether this model has single CPU or with dual CPU's.
Important improved points of this "iPhone 4S" are 8 megapixel camera, SIM-less in order to integrate AT&T with Verizon Wireless, and additional 3-4 antennas inside. Apple's major new handset iPhone 5 under development seems to be released 2012 spring.
Apple reportedly gave up on its plan to bypass operators with an embedded SIM after they warned that they would refuse to continue subsidizing the cost of the expensive phones. It recently proposed a solution for a new smaller SIM card making the probability for a SIM-less iPhone unlikely.