The iPhone 6 is the most eagerly anticipated smartphone of the year, and millions are waiting to see how Apple will develop their next generation smartphone from the iPhone 5S and 5C models.

The Cupertino-based tech giant is already working on the mass producing of hardware with the rumored aim of a September 2014 release date, according to Japan-based newspaper Nikkei.

With the iPhone 6, Apple will finally succumb to current market trends and give millions of smartphone fans what they want - a large iPhone - a decision that many believe is long overdue.

Apple as usual has not released any official statement on what fans can expect with the iPhone 6. However, rumors circulating online and offline are almost unanimous that the iPhone 6 will be Apple's largest flagship phone so far - coming in two sizes - measuring 5.5 inches and 4.7 inches.

Huge competition from other smartphone manufacturers like Samsung, Sony, and HTC have pressured Apple to address current market demands, and the huge market for larger display devices.

Two versions - a 5.5-inch and a 4.7-inch iPhone 6 - would cater for users who prefer bigger phones for watching videos, gaming, and e-book reading, as well as people who can make use of a smaller screen for more compact and a lighter feel. If Apple does push out a 5.5 inch iPhone 6, it will come into direct competition with the Samsung Galaxy 5, Sony Xperia Z2, and the Samsung Note 3.

According to KGI analyst Ming-Chi Kuo, another expected specification of the upcoming iPhone 6 is the enhanced Retina resolution HD 1920 x 1080 display with a pixel density of 401ppi for the 5-5 inch version. As for the smaller 4.7 inch device, it might bear the same HD resolution as the iPhone 5s with 1334 x 750 and 326ppi.

A prototype video of the 8th generation Apple smartphone from CNET shows a bezel-free handset that is the first of its kind. It is good news for fans who want to maximize their screens and get rid of unnecessary exterior clutter. The Touch ID technology, which was first introduced in iPhone 5S, is also expected on its successor making access and operations easier and quicker. The power button is also located on the right side, while the volume buttons have evolved from circular ones to rectangular ones.

Some iPhone users are expecting to have a massive camera upgrade with some touting that a 13 megapixel primary camera will be released. However other rumors have it that the iPhone 6 will remain at 8 megapixel.

In terms of its processor, Apple will be integrating quad core chipsets but the RAM may be at disappointing 1 GB. Tech critics would like to see the iPhone 6 utilizing wireless charging. But Apple currently faces challenges on finding a supplier that could manufacture batteries at 2mm in size or less making the iPhone 6 the slimmest and lightest smartphone in the world yet.

Given the major bump in specifications and design on both iPhone 6 variants, TechRadar expects that Apple might have a price increase of approximately $100 from the iPhone 5S introductory price. But whatever the retail price will be, Apple has been successful in selling its top tier smartphones until now and maintains a dedicated following.

Watch CNET's preview and report on the upcoming iPhone 6 HERE.