As noted by Business Insider, the next-generation of iPhone will be iPhone 4S not iPhone 5, according to "industry checks" by Jefferies analyst Peter Misek.
It's not real iPhone 4S (via BGR)
Misek put out a note on the next iPhone today, and said, it will "include minor cosmetic changes, better cameras, A5 dual-core processor, and HSPA+ support."So far, we can't confirm the above important notes as they still not official But we published such information in order to make you aware of all the rumors that revolve around next-generation of iPhone.
Apple wanted to add a chipset to support high speed 4G wireless networks, but the chipsets weren't going to be ready in time.
Because the 4G chips weren't ready, Apple is going with the minor update to the iPhone 4.
Misek also revealed the next version of the phone will work with Sprint, T-Mobile, and China Mobile.