The new handsets, one for AT&T and one for Verizon in the States, will see the iconic mobile phone upgraded and AT&T lose the exclusivity it has had in the US since the iPhone's launch in 2007.
While the WSJ story is devoid of any further information, that hasn't stopped other sites wading in with their own predictions, speculation, and "sources" to flesh out the story.
According to Apple pundit, John Gruber from Daring Fireball, who complains about the WSJ's lack of information in their article, the new models will feature:
An A4-family CPU system-on-a-chip, a 960 × 640 double-resolution display, a second front-facing camera and of course multi-tasking in a new OS version (OS 4).
If that wasn't enough to get you giddy with excitement, Engadget adds even more fuel to the fire with news of a launch date - 22 June (yes it's a Tuesday), and even a name - the iPhone HD.
Many industry pundits believe that Apple will have to do at least some if not all of the above to stay ahead of the crowd in what is such a fast-paced market.