While Apple fans around the world are eagerly waiting for the release of the recently unveiled iPhone 6s and 6s Plus, the Cupertino-based giant has reportedly started planning for its future device, dubbed as iPhone 7.

According to reports, iPhone 7 is expected to be released in September 2016, by the time the current flagship device - iPhone 6s - completes one-year cycle in the market.

According to a report by Geek, Apple has apparently started "placing orders for iPhone 7 parts" and mass production of A10 chip may begin in March 2016, anticipating its release 12 months from now. 

"Taiwan Semiconductor Manufacturing Company (TSMC) has secured an exclusive supply contract for the A10 chip, which will be a 16nm part," said the report by Geek.

Apple is very unlikely to reveal details about its future device, but reports have suggested that iPhone 7 could come without the home button. It means an increase in screen display without changing the overall size. The 3D Touch technology seen in iPhone 6s can be taken as an indication that the company can actually do away with its iconic home button.

Analyst Ming-Chi Kuo of KGI Securities has hinted that iPhone 7 will be untra-slim. According to DigiTimes, he said in a note to investors that Apple is planning to make its upcoming iPhone between 6.0 and 6.5 mm thick, which will make it as thin as the iPod touch and iPad Air 2.

A report in Business Insider cited a source close to Apple's supply chain claiming that the company is ordering six-element lenses for a future iPhone, perhaps the iPhone 7. So, the camera will be much better than the 12 MP seen in iPhone 6s, which has five-element lenses.