iPhone 7 specs vs iPhone 6
A pedestrian walks past an Apple iPhone 6 advertisement at an electronics store in Mumbai, India, July 24, 2015. Reuters/Shailesh Andrade

The new iPhone model will have a redesigned home button that operates similar to the track pad on Apple’s newer MacBook laptops.

According to Bloomberg, users of the new iPhone no longer need to physically press the home button as the latest model employs pressure-sensitive buttons that produce haptic feedback.

Various outlets reported that the successors of the iPhone 6 and iPhone 6 Plus will sport the same 4.7-inch and 5.5 inch screen sizes but Apple has removed the two antenna lines that run across the back of the current iPhone models.

Citing unnamed sources, Bloomberg said the larger iPhones will sport dual cameras for advanced photography capabilities of the smartphone.

“According to a person who has used a prototype version of the upcoming device, both sensors, which captures color differently, simultaneously take a picture and the device produces a single merged photograph,” Bloomberg said.

The dual-camera system also allows users to take sharper photos under low-light settings or to zoom while retaining more clarity in the photo. However, this dual-camera feature will not be available on the smaller iPhone model.

Aside from dual camera, the new iPhones will also have two speakers. Apple has decided to remove the headphone jack to make room for a second speaker. Without the headphone jack, users are obliged to use Bluetooth speakers or headphones that connects to the iPhone’s charging port.

The latest iPhone models will run on iOS 10, the newest version of Apple’s operating system that will be launched this fall.

The new iPhones, conveniently referred to as the “iPhone 7,” are expected to be unveiled next month but Apple is yet to announce the official launch date.

Earlier, revenue from iPhone sales dropped by 23 percent during Apple’s most recent quarter.

“We’ve got great innovation in the pipeline from new iPhones that will incent you and other people that have iPhones today to upgrade to new iPhones,” Apple CEO Tim Cooke told CNBC.

“We’re going to give you things that you can’t live without that you just don’t know that you need today.”

Cook announced that Apple has sold its one-billionth unit of the iPhone last month. The iPhone was first launched in 2007.

“Last week we, passed another major milestone when we sold the billionth iPhone. We never set out to make the most, but we’ve always set out to make the best products that make a difference,” Cook said in a statement dated July 27, 2016.

"iPhone has become one of the most important, world-changing and successful products in history. It's become more than a constant companion. iPhone is truly an essential part of our daily life and enables much of what we do throughout the day.”