Rumors and speculations surrounding the next iteration of the iPhone, dubbed iPhone 5S, are emerging online with increased frequency.

The latest rumor making the rounds suggests that the production of iPhone 5S' LCD panels will commence next month and the smartphone will launch in Q3 2013.

The news is courtesy of Japanese website Nikkan Kogyo Shimbun, which reports that Sharp is set to begin mass production of LCD panels meant for iPhone 5S in June. Apple will allegedly be using its Kameyama Plant No. 1 in Japan for this purpose.

Apart from Sharp, LG and Japan Display are also believed to be working on Apple orders and the production of the iPhone 5S display panels have begun, the report says.

The assertions of iPhone 5S' display production ramping up in June mirrors claims by an earlier report from the WSJ, which revealed that the next-gen iPhone's production would start in Q2 2013. Moreover, Apple's CEO Tim Cook recently let on that the company would not launch new iDevices before fall and that the Cupertino giant had plenty of surprises in store as "amazing new hardware, software, and services" would be on way. The fall timeframe also ties in with Q3 2013 release for the iPhone 5S suggested by the current report. The Japanese website also hinted that the display, as well as design of the iPhone 5S, could remain the same.

Previously, rumors have suggested that the iPhone 5S could tout a faster A7 processor, a better camera, iOS 7 and even a fingerprint reader! Some reports have even claimed that the smartphone could come in multiple hues.

With the production of iPhone 5S panels allegedly set to get underway, the release of the Apple smartphone seems not too far away. We'll have to wait and see if fall brings another round of iDevices our way.