Could also come out in summer.
According to a source close to 9to5Mac who’s working at Foxconn, there are a few pre-production handsets of the next iPhone, currently being called the iPhone 5, circling around. While differing in size and overall design by a bit, most of these sample handsets have one thing in common: a screen size of 4-inches or bigger, and that it has a straight body design, not a teardrop shape that tapers on one end (like the MacBook Air).
Another thing of note was that not one of the samples had the same form factor as the iPhone 4/4S, meaning that a complete redesign is in order.
She's not the source.
Going with the same lead time as the iPhone 4S, whose production started ramping up till late spring of last year, 9to5Mac assumes that there is a good possibility that the iPhone 5 will be released like the older versions, i.e. a summer/ WWDC announcement.
While this is currently still being treated as a rumor, the same source also indicated last year that the next iPhone release will be an iPhone 4S, contrary to the iPhone 5 rumors abound. Given some credibility, one can likely take this rumor with a smaller grain of salt than usual.