iPhone 5 release scheduled for October 7, say rumors

(CBS) - Apple's iPhone 5 will be hitting stores Oct. 7, if Internet rumors are to be believed (and when aren't they?). 

The site 9to5mac claims that sources tell them that although Apple is still weighing Oct. 7 and Oct. 14 (both Fridays, if you want to take the day off work) as release dates, the company is leaning toward the former, as "pre-mass-production" is "currently moving along nicely."

The site reports that sources say pre-orders are likely to begin either Sept. 29 or Sept. 30 - with Apple currently favoring Sept. 30. 

The site TipB initially reported the Oct. 7 release date. TipB has also reported that the release may not be of an iPhone 5, but of an improved iPhone 4S.

Other rumors are that the company will release an iPhone 5, as well as a "budget friendly" iPhone 4S, reports CNET.