Apples iPhone 4S could be introduced in the fall, according to a financial analyst.

Component manufacturers have begun to receive orders for the device and production is expected to start next month for a launch in September/October, Jeffries said in a note to clients, according to the International Business Times.

Jeffries analyst Peter Misek also believes that an iPhone 5 launch in September is now remote and that the device could arrive next year, according to the report. Based on his industry checks, Misek believes the next device should be called the iPhone 4S and include minor cosmetic changes, better cameras, A5 dual-core processor, and HSPA+ support.

It was previously assumed that the iPhone 4S and the iPhone 5 were the same device, but this new report indicates they are two separate handsets.

We believe iPhone units will reaccelerate due to: new lower-cost iPhone 4S in the Fall followed by iPhone 5 in June 2012, and more carriers,” the IBT quoted Misek.

Misek reportedly expects the introduction of the lower-cost iPhone (4S) in the fall will be targeted at prepaid and emerging markets.

But Boy Genius writes that it has confirmed that the new iPhone will feature a radical new design case. A source told BGR that Apple may hold an event in August to introduce the new iPhone. Or the company could break the news at an annual event in September.