While rumors about the next generation iPhone are flying anywhere between wild to bizarre, and while leaked images and videos of various parts of the next iPhone are often increasing the suspense and anticipation, a new series of images of the fully assembled iPhone 5 has created a new wave of immense hoopla among the Apple fanboys.

Japanese supplier iLab Factory has released images of what they call the fully assembled iPhone 5. The images may not be fake, believe experts as they match most of the rumored features such as smaller, 19-pin dock connector, relocated 3.5mm audio jack and a taller, larger screen.

As per the latest photos, the metal panel on the back of the device will have the same material as the metal band around the iPhone 5.

Meanwhile, report from WSJ claimed that the production of the new phone has already begun. In addition, the report suggested that Apple might use the in-cell touch display technology to reduce the thickness and weight of the device.

Reportedly, Japan's Sharp and South Korea's LG have begun production of the next-generation displays. Financial Times has also claimed that mobile operators in Europe are stockpiling nano-SIM chips that are especially designed for Apple's next generation iPhone.

According to various rumors, the latest iPhone will sport bigger screen, Quantum Dot LED curved glass with 16:9 Aspect Ratio display and 1,136x640 resolution, 367ppi pixel density, iOS 6.0, A6 or "a variation of the A5X's S5L8945X architecture" processor, 1GB RAM, bigger battery and will support 4G or LTE network.

Check out the purported iPhone 5 images released by iLab below: