New reports have surfaced about Apple's next iPhone about its processor chip and release date.

iPhone 7 - Rumored Specs & Features

According to a Tuesday research note with KGI Securities obtained by Apple Insider, the 4.7-inch iPhone 7 will be equipped with the same 2GB RAM as the iPhone 6S. The larger 5.5-inch iPhone 7 will have a more powerful RAM to improve the device's performance.

Despite the different RAM capacities of the upcoming iPhone 7, both models are expected to run a next-generation mobile processor chip from Apple, likely to be named as the A10, the news outlet added.

Analyst Ming-Chi Kuo also said in the company's research note that the iPhone 7 will have a revamped external design. However, he didn't provide any more details regarding this matter, Apple Insider added.

He also revealed in September that the iPhone 7 could be Apple's thinnest mobile device yet, with the tech giant reportedly planning the 2016 smartphone to be as thin as 6 millimeters, which means that this would be slimmer than the iPad Air 2 and the iPod touch, the news outlet wrote.

Other expected specs for the iPhone 7 are a USB-Type C port, a higher screen resolution, an improved battery life, and 32GB, 64GB, and 128GB storage options, Macworld listed.

BGR cited recent rumors claiming that Apple is developing its own touch and display driver integration (TDDI) chips, which will allow the new iPhone to be rid of its Home button without losing its function. However, there are also reports saying that Apple is running behind schedule and will instead opt for a Synaptics display for the iPhone 7.

According to supply chain sources that have been in discussion with Digitimes, Apple has ordered LCD driver chip with Synaptics for its 2016 iPhones. Synaptics provides the same smartphone components like other device manufacturers, such as Google, Samsung, Sony, Microsoft, and HTC, among others.

A report from MacRumors supports other claims that Apple is considering ditching its Home button. The company reportedly filed patents that showcase displays with integrated Touch ID and trackpad abilities, which is the type of technology that would help Apple to remove the Home button in future iPhone and iPad designs.

iPhone 7 - Release Date & Price

According to Apple Insider, it's highly probable that the iPhone 7 will be released in September 2016, which is in line with Apple's annual release timetable of their new smartphones. However, the news outlet also noted that this release date could change and the iPhone 7 will be launched earlier than expected.

The iPhone 7 could have a starting price of $820, PC Advisor estimated.