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The next iPhone will have insane amounts of storage packed into a familiar slim design. Here's what to expect from Apple's next-gen smartphone. (AAPL)

Apple iPhone 12 and 12 MiniMatt Monath Photography for Business Insider

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It's almost that time again: Apple's expected to announce a new iPhone as soon as September. 

Although Apple has yet to officially announce plans for the new phone, which may or may not get the "13" moniker,   rumors are flying about upgrades to the camera, processor, memory, and more. 

If you love the iPhone camera, you're in for a treat this year. The fan-favorite portrait mode is likely to make a comeback in a new way, this time to video, Bloomberg reports. The mode allows a close-range focus, with the rest of the background blurred, mimicking more professional shots. 

The camera may also feature new "ProRes" video recording, allowing for professional quality 4K or HD footage, according to Bloomberg. There will also be color changing and highlighting features, allowing you to change the color, contrast, and warmth of a photo using AI technology rather than just applying a filter like previous models. 

Other possible features reported by Bloomberg include a smaller display cutout, meaning more screen space, and a faster processor for display refreshing and scrolling. 

On the storage front, the new phone could contain up to a 1 terabyte storage option, according to Dan Ives, an analyst at Wedbush Securities. That's nearly two times the highest storage levels previously available. Timing-wise, Ives says the third of September is most likely for an announcement. 

The iPhone 12, launched in October of last year, premiered in four types: the iPhone 12, iPhone 12 mini, iPhone 12 Pro, and iPhone 12 max. It's unclear if this new batch of iPhones will be released in a similar model breakdown. 

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