Multiple media outlets are claiming the iPhone 5S will be powered by an Apple-designed "A7" chip that will be 31 percent faster than the current A6 chip used for the iPhone 5.

A separate chip might be included for "motion tracking" to improve the phone's camera, according to Clayton Morris, a Fox News reporter who tweeted the rumor out this past weekend.

Another unconfirmed rumor is that some A7 prototypes are 64-bit, according to 9to5Mac.com. This rumor first started making its way around to the internet last week after KGI Securities analyst Ming-Chi Kuo predicted the 64-bit A7 chip.

This would be a major upgrade for Apple if both rumors are true, as they've never released a phone with higher than a 32-bit chip.

The 64-bit chip would mean more memory for the iPhone 5S, and the device could run on a more "demanding" software, according to 9to5Mac.com.

Experts feel the chip could also help the iPhone 5S handle "animations, transparencies, and other iOS 7 graphical effects" better than previously expected.

If the new chip is introduced in the iPhone 5S, don't be surprised to see it land in the iPad 5 as well according to AppleInsider.com.

The company is also planning four different iPhone 5S color options according to Apple tracker Sonny Dickson. Aside from the normal Black and White options, gold and gray (or graphite) might also be released as well.

Apple is expected to introduce its next device, iOS 7, and possibly a second new phone option called the iPhone 5C, at a media event on Sept. 10.

Related Articles:

iPhone 5 Production Could End This Fall Thanks to iPhone 5S, iPhone 5C

GM to Provide Wireless Charging for Smartphones in 2014 Vehicles

105-Year-Old Driver Gets Free Car From Anonymous Fan (VIDEO)

James Bond Lotus Submarine Car up For Auction This Sept. (PHOTOS/ VIDEO)

Ferrari Introduces 'Powerful' 458 Speciale Concept Car (PHOTOS)

See Now: OnePlus 6: How Different Will It Be From OnePlus 5?