Apple's iPhone 6S and 6S Plus are still hot in the market and while they can be great holiday gifts, one may need to wait before they buy a new phone because latest rumors are pointing to the next iPhone, the iPhone 7.

According to several reports, the iPhone 7 will be considered as the thinnest device to be produced ever by the Cupertino-based company. It will be measured at six millimeters, which is the same thickness as the latest models of the iPod Touch.

Having a thin design, it also means that Apple will no longer distribute phones that have a 3.5 millimeters headphone jack. Instead, headphones will be plugged in a USB-Type C port, a feature that has been rumored for a while now.

Apple Insider also reported that the next iPhone 7 will come with a 4.7-inch screen and will have 2 GB of RAM, while its Plus variant will have a 5.5-inch display and a 3 GB RAM for a more impressive device performance.

Another important feature that is rumored to be part of iPhone 7 is the waterproof design. Several reports already mentioned that the waterproof capability of the iPhone 6S and 6S Plus will be greatly improved and carried over to the next iPhone.

The iPhone 7 will also come with major changes, as stated in the report from The Week. For instance, the upcoming device is said to ditch the home button, which will be a big change for Apple phones.

This phone design comes from Hasan Kaymak who came up with the concept that the next phone will be all screen, doing away with the space intended only for the home button.

As for the powerhouse, Venture Beat stated in its report that iPhone 7 may carry an Intel chip, although nothing specific has been mentioned.

For the release date, reports speculate that Apple will follow its release date pattern and may introduce the new iPhone by September 2017.