7:15 AM -- The wait may soon be over for one of the most eagerly anticipated gadget debuts of the year, as Apple Inc. (Nasdaq: AAPL) is reportedly set to announce its newest iPhone at an event on Sept. 12, reports Bloomberg.

The new device, set to be Apple's first 4G smartphone, will reportedly have Long Term Evolution (LTE) support and sport a new design (thinner body, larger screen).

First reported by the blog iMore, the event will also stage the launch of an iPad mini.

This product launch is more important than usual for Apple. When it comes to 4G, Apple is playing catch-up with various Android devices that already have LTE support. The expectation for this newest iPhone was, it is widely believed, partly to blame for the slowdown in Apple's sales in the quarter ending June 30. (See Apple Misses Wall St's Q3 Expectations .)

For more

• Verizon CFO Is a Tease on iPhone Timing
• Apple iOS 6 Shakes Up Mobile Communications
• Apple Seeks 4G Talent
• The iPhone's Future Is 4G
• Sprint, the LTE iPhone & 4G Plans

— Michelle Donegan, European Editor, Light Reading Mobile