In the latest rumors surrounding Apple's next iPhone release, it appears that the original iPhone 5 may soon be eliminated while the newer iPhone 5S could be up to 31 percent faster.

IGN has learned from KGI analyst Mingchi Kuo that Apple may completely drop the original iPhone 5 upon the release of the 5C, the budget-friendly version of the two iPhone set to be released in September. Strangely enough, Kuo also said that Apple might actually keep producing the 4S.

It has been reported that Apple's new plan of releasing two different iPhones is the company's way of competing with other smartphone companies that have already started doing this. Apple has been offsetting the lack of a cheaper phone by selling older versions of the iPhone at lower costs. With the upcoming release featuring two different iPhones, it will likely cancel out the need to sell older phones to those who are operating on a tighter budget. Therefore, eliminating the original iPhone 5 would be understandable; keeping the iPhone 4S, however, would be a questionable move.

In other news, FOX News television anchor Clayton Morris sent out a tweet over the weekend saying that the new A7 chip in the upcoming iPhone is expected to be 31 percent faster than the old A6.

The anticipation continues to build as Apple prepares for the unveiling of the new iPhone. It has been reported that the company will announce its new products Sept. 10, but Apple has yet to confirm this. The names of the phone are not officially known either, but most people expect them to be called the 5S and 5C.