Emerging reports suggest that the iPhone 7 will be powered by Apple's new A10 chip offering a maximum clock speed of 2.4 GHz.
It also features a number of translucent coloured dots outlining the top portion of Apple's logo, which may relate to the rumour that Apple is planning to introduce new coloured handsets.
If speculations making the round are anything to go by, we believe Apple is apparently aiming to make the iPhone 7 up to 1mm thinner. The tech giant will likely do away with the traditional headphone jack. Also, the iPhone 7 may finally reveal the Apple's rumored wireless "AirPods" earbuds.
Apple Watch 2 will also be launched today as well.
Ahead of the launch, Apple shut down its online store. Shoppers are greeted by the message: "We can't wait to show you what we have in store" when they visit the site.