This would line up with past iPhone launch events, as Apple tends to hold its events on Tuesdays and Wednesdays. The iPhone 14 was announced on Wednesday, Sept. 7 of last year, while the iPhone 13 event was held on Tuesday, Sept. 13 in 2021. iPhones are typically released a week and a half after they are announced, which is generally around the third week of September.

The new phone is rumored to feature thinner bezels, a faster processor, an updated camera and USB-C charging. While this could be one of the biggest overall updates the iPhone lineup has seen since the iPhone 12 debuted in 2020, it remains unclear if these changes will be enough to entice customers to upgrade.

Apple is facing strong headwinds as it plans to launch its latest iPhone. The tech giant acknowledged a slump in the US smartphone market during its earnings call last week. Apple said on Thursday that sales of the iPhone 14 fell 2.4% in its fiscal third quarter ended July 31.

Phone makers like Samsung and Motorola -- though behind Apple in terms of market share -- have made inroads by releasing phones with radically new designs. The Motorola Razr Plus and the Samsung Galaxy Z Flip 5 have brought the classic flip phone aesthetic to modern smartphones, while the Samsung Galaxy Z Fold 5 creates a folding phone/tablet hybrid. Samsung's folding phones are proving to be popular with consumers, selling almost as well as their non-folding options.

Apple has yet to release a folding phone and doesn't appear to have immediate plans to do so. Apple's phone design has had the same general shape since the iPhone debuted in 2007.

Apple didn't immediately respond to a request for comment.