Apple is setting up to launch the much-anticipated iPhone 6 in an event on Sept. 9, according to a report by technology website Recode.

The iPhone 6 is widely expected to feature larger displays that measure 4.7 inches and 5.5 inches, running on the powerful and newly developed A8 processors. Itis not known, however, if both rumored sizes will be launching at the same time.

Apple is reported to have scheduled a big media event for that day, which falls in line with the usual schedule of the company's announcements regarding its iPhone devices.

Apple, however, has declined to comment on the report, despite other sources such as 9to5Mac previously reporting that such an event that will launch the iPhone 6 is expected in mid-September.

A new iPhone has been released by Apple every year since late CEO Steve Jobs introduced the groundbreaking smartphone in 2007. Since 2011, new iPhone models have been announced every year during the month of September.

Much of Apple's success have hinged on the iPhone for the past years, as the smartphone has been generating about half of Apple's revenue. However, the smartphone industry has dramatically changed since the first iPhone was introduced.

Smartphones released by companies such as Samsung and LG continue to challenge Apple's share of the smartphone market. In addition, as Apple continues to miss on the lower end of the market, Chinese smartphone manufacturers such as Xiaomi, Huawei and Lenovo continue to release smartphones with powerful specs but at much lower price points.

Reports recently surfaced suggesting that release of the iPhone 6 may be delayed due to Chinese factory safety concerns. An industrial accident of a dust blast in the Chinese province of Jiangsu did not damage Foxconn factories, which is the company's choice to manufacture the iPhone 6. However, the accident prompted Chinese authorities to halt all operations over the weekend, which would put crucial delays in the production of Apple's new smartphone.

In advance of the company's official announcement of the iPhone 6, the hype surrounding the device has already been building up. BRIKK, a luxury retailer, has already started to accept pre-orders for premium versions of the iPhone 6. A 4.7-inch, 128GB Lux version of the iPhone 6 that is plated with 24K yellow gold can be pre-ordered for $4,495. Other premium versions that can be pre-ordered at BRIKK include a platinum-coated iPhone 6 for $4,895 and a diamond-encrusted iPhone 6 for $5,995. The most expensive premium version of the iPhone 6, selling for $8,795, is coated in both platinum and diamonds.

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