The Financial Post is reporting on a note to clients from J.P. Morgan's Mark Moskowitz that claims Apple will launch two new iPhones this fall: a redesigned iPhone 5 and an "iPhone 4-plus". According to the report, both devices will be available on AT&T, Sprint, T-Mobile, and Verizon, with the iPhone 4-plus designated as an inexpensive model for the masses in the U.S., as well as China.

Moskowitz believes that the iPhone 5 will be lighter and thinner than previous generations of the iPhone, and will have a larger Retina Display, include an 8-megapixel camera with LED flash, will run on either the A5 or A6 processor, will have 1GB of RAM, and will be a world phone capable of running on either GSM or CDMA. He does not expect it to be LTE capable, however.

The iPhone 4-plus, on the other hand, will be based on the current iPhone 4, but with some "minor improvements", according to Moskowitz. He also expects the iPhone 4-plus to replace the iPhone 3GS as the entry-level iPhone, and to be targeted to one or two carriers in China.

Moskowitz goes on to advise his clients that they should expect "more positive surprises" regarding quarterly sales of the iPhone. He particularly expects "a big bang" if Apple launches both iPhones this fall, and does so with new U.S. and Chinese carriers.

Once again, the rumor surfaces of two new iPhones on all four U.S. carriers, arriving this fall. This is becoming a consistent rumor-theme from multiple sources; like you, we can't wait to find out what the real deal will be.

Via 9to5Mac

Adrian covers daily news as well as the weekly Law & Apple column for MacLife.com. You can follow him on Twitter, if you want to.