I'm releasing this a little early this morning as at 10 a.m. Pacific Time, Apple will be starting it's "Let's Talk iPhone" media event. What they will announce is all still rumor and speculation, as Apple has released no information on it other than there is going to be a press event about iPhones. So we'll just go over some of the rumors of what it could be.

One of the biggest rumors of course is that the next generation of iPhone will be announced. What it will be called, we don't know, but most of the media has dubbed it iPhone 5. There is speculation of a titanium frame or case and that it will be a 4G Data network capable phone, with a chip allowing it to use both GSM, like AT&T and CDMA like Verizon. So one physical phone instead of 2.

Another rumor I recently saw, was that iPhone 5 would be exclusive to Sprint, and that AT&T and Verizon would get an updated "iPhone 4S". But that rumor also had Sprint buying a huge amount of phones, meaning it would have to double it's contract carriers. Not really sure how that would work out for them, since they don't have as big a network as Verizon or AT&T. Plus speculation that other major carriers internationally may finally be getting the iPhone on their networks.

There was also speculation that the price would drop on the iPhone. Reports have said $100 for a contract phone. This would be a big step if something like this did come to pass. As for the carrier plans, no rumors that those prices would change.

Another thing that could be announced, is iOS5's release date. Back at the World Wide Developer's Conference, the new iOS 5 was announced with iCloud, and a general release time of "This Fall" was quoted. With fall soon coming, it's likely that more info will get released today.

So there you have it in a nutshell. What will happen is anyone's guess. Apple CEO Tim Cook will be presenting at the event, and there is a rumor, that former CEO Steve Jobs could make an appearance, but will not be making any presentations.

Thursday's Tech Story will be all about the stuff announced today. You can follow a live blog of the events at gdgt.com