Apple product lovers eagerly awaiting the release of the new iPhone may have good news coming their way: Apple is said to be holding an event that will likely detail the new device and announce its release date.

All Things Digital, a major technology news source, has sources claiming Apple will hold a press event on October 4. The conference may confirm or alter current visions of the highly-anticipated iPhone 5, and will be the first major product-release media event for new company CEO Tim Cook. He recently replaced Steve Jobs, who has been the face of Apple for decades.

Rumors have circulated for months about the design, features, price and release date of the new phone. Inside sources, iPhone accessories makers and tech market media have speculated that the device will have a larger screen and a slimmer design, while expected release dates have ranged from mid-September through late October.

If the event takes place, Apple is expected to announce the release of the phone within weeks. A lower-power, lower cost iPhone 4 is also reported to be in the works, which could open up more foreign markets to the company's mobile line.