Even though the hot new gadget is unlikely to be announced before the autumn, plenty of rumours are already circulating online.
These include predictions and comments from analysts and even several leaked pictures that allegedly show early prototypes of the phone itself.
We've gathered together all the latest news surrounding the phone into one place and will continue to update this as we learn more.
The launch of the iPhone 7 in September could see Apple finally change the thing that annoys people most about the iPhone.
The current iPhone 6s and 6s Plus lineup offers customers a choice of 16GB, 64GB, or 128GB storage options.
However, supply chain investigations by Kevin Wang, director of market research at respected analyst firm IHS Technology, suggest the iPhone 7 base model will come with with 32GB of storage.
Taking Apple's release date history into account, it's likely we'll see the iPhone 7 officially revealed in September 2016.
Both the iPhone 6s and the iPhone 6 were revealed in September and Apple has no reason to change its strategy.
There's also nothing wrong with taking advantage of Black Friday sales and the run up to Christmas.
If we had to be specific, we would estimate the announcement date for the iPhone 7 being on a Wednesday or a Thursday in either the first or second week of September.
The iPhone 6s announcement was held on September 9, 2015 and Apple could plan a repeat performance.
It's unlikely that Apple's main iPhone 7 will be any easier on the wallet than past variants.
Most experts reckon the new iPhone will start at £539 for a 16GB model, effectively taking the place of the current iPhone 6s - which will see an incremental drop in price.
If true, we could expect other models with larger storage - 64GB and 128GB most likely - to stick with the £619 and £699 prices.
That could be about to change as rumours suggest next year's model may drop the iconic home button on the front of the gadget.
Designers around the world are speculating on what Apple has planned and one artist, Marek Weidlich, has created an intriguing concept.
Weidlich has turned the entire front of the futuristic smartphone into a screen - leaving no home button or any visible bezel.
"I focused on simple design language which is very important for Apple," Weidlich said.
"I designed a curved display without a bezel, and equipped with a software home button."
It's unlikely Apple will follow suit but then the world's most valuable company has frequently had a problem with bending phones.
Apple's last two releases have been with 4.7-inch and 5.5-inch screens. This covers a broad range and the tech giant could decide to keep things as they are.
End of the Home button
Pictures surfaced recently that appear to show a version of the phone with a completely blank front panel. They seem to suggest that Apple will drop its famous home key in favour of an on-screen button.
Taken in China and obtained by the blog site Apple Insider, the pictures have now been widely circulated around the internet.
The shady pictures look to be taken quickly and without much thought to lighting or presentation. They show what is allegedly a new iPhone with a very different design.
There is also no evidence of a headphone jack on the bottom of the phone. However, the external speakers on the bottom look similar to previous iPhone models.
On Chinese social media site Weibo, a new picture supposedly showing the back of the iPhone 7 has been doing the rounds.