Technology giant, Apple might hold a media event on 4 October to reveal the next generation of its iPhone smartphone, the iPhone 5, which will then hit the market ten days later on 14 October according to reports.

An AllThingsD reports that Apple has selected the Town Hall Auditorium for the launch. The venue is surprisingly smaller than the Yerba Buena Center for the Arts in San Francisco, where the iPhone 4 was launched.

Some reports said that the company will showcase the new device at its campus in Cupertino, California. Separately, some reports suggest that Apple is not allowing its employees to take leave on the second week of October suggesting a possible launch date.

Apple will also reveal its iOS 5 operating system along with the new iPhone.