Today is the day everyone has been waiting for. Well at least, iPhone obsessed enthusiasts. After months of rumors, speculation and anticipation Apple will announce its next iPhone, the iPhone 5. Apple has been extremely hush hush about the new phone, making this day a big one for Apple fans.

When will we find out details?

Wednesday September 12 starting at 10:00 a.m. PT/1:00 p.m. ET

At an event in California, CEO Tim Cook is expected to announce details and features of the new phone.

Here are some features you may expect the new iPhone to have:

A larger 4-inch display screen

A new dock connector

Faster processor and faster data speeds

The phone may also have a different design

Runs on iOS 6

What is iOS 6?

The company detailed the Ios 6 in June at its Worldwide Developers Conference. Ios 6 has myriad new features including a new maps app to replace Google maps, Facebook integration and a new passbook app which will organize coupons, airplane tickets and more.

iOS 6 software is expected to be available the same time as the iPhone 5 release and will most probably be available to download for previous versions of the iPhone as well.

When can we buy it?

The new iPhone 5 has been rumored to be on sale as early as today after the announcement and start shipping by September 21. Though we will have to wait and see to get confirmation at today's anticipated event.

Want to see what it could look like? Check out this video below: