Thinking of buying an iPhone soon? You may want to wait. Rumors are a new iPhone is in the works, which will include the faster A5 processor -- introduced earlier this year with the iPad 2 -- and an 8-megapixel camera. Bloomberg says Apple will unveil the phone this September. The A5 is an impressive system-on-a-chip, containing a dual-core ARM Cortex-A9 MPCore and a dual-core GPU, running at 1 GHz, according to Apple. That’s some serious horsepower that will certainly increase the phone's capabilities. Sources also told Bloomberg that Apple is testing a new version of the iPad with a higher resolution screen similar to the one used in the iPhone 4. The resolution will be about one-third higher than the iPad 2's, and have a more responsive touchscreen. The iPhone 5 will run the iOS 5 OS (codenamed “Telluride) which will feature improved messaging and photo-sharing. The OS is designed to run on all of Apple’s mobile devices, a shift from the current use of different versions. Apple is also developing a cheaper version of the iPhone aimed at customers in developing countries. The new phones would use chips and displays similar to the current iPhone 4. While the iPhone accounted for half of Apple’s revenue last quarter, the company'splaying catch up with rival Android phones. This year, the iPhone is projected to hold 18.2 percent of the global market, compared with 38.9 percent for devices running Android, according to IDC. Source: Bloomberg