Apple announced there will be an event “Let’s talk iPhone” on Oct 4, 2011.

New iPhone will have :

• dual-core A5 chip from iPad 2 with nine times faster graphics,
• processor will pack in 1GB of RAM, twice as much as the iPhone 4′s A4 chip or iPad 2′s A5 processor,
• back camera will upgrade to 8 megapixels, with a backlit sensor ( better photos in low light condition )
• Qualcomm mobi chip that takes care GSM & CDMA at the same time ( no more GSM / CDMA version )
• Voice-activated feature called “Assistant”

Source : 9TO5Mac