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And the key points are apparently that the new phone will have a 4in screen, the body will be square-edged rather than rounded and it will have a super-fast 4G aerial.
The phone body itself is likely to be just 8mm longer and to house a 10 megapixel camera.
The website said: "Our source says that the next-generation iPhone will not look like the teardrop-shaped version that was widely rumoured for release in 2011.
"We've been told that the device will have a 4-inch display and will be 8mm longer than before, with a metal casing (probably aluminium).
"It is on track to be introduced in summer of 2012, and is still in the engineering phase, not early production. We suspect that poor battery life doomed the prior prototype version."
Jobs, who died in October at the age of 56, is claimed to have resisted giving the iPhone a larger screen in the past because he did not want to "fragment" users of the device.
But others within the company obviously believe the iPhone needs to keep pace with its Android smartphone rivals, such as the new Google/Samsung Galaxy Nexus which has just been released.
Britain does not currently have a 4G network, but the new protocol could begin to be put into place by next year - when the phone is expected to be released - providing much faster mobile broadband.
What do you think? Have the details whet your appetite? Comment below...