Now that we’re done with our round of Verizon iPhone rumors, it’s time for the interweb to come up with a whole new set of speculations, leaks, and unverified information about a new device: the iPhone 5.

That’s Engadget who started this new rumor mill by citing multiple sources (anonymous, of course) who claim to have details about the iPhone 5, set to launch sometimes this summer…

But all of these moves are leading up to the iPhone 5 — a completely redesigned handset — which our sources say is on track for a summer launch. Right now, the device is being tested discreetly by senior staff at Apple (strictly on campus only). We don’t have much info on the phone at this point, but our understanding is that the new device will be a total rethink from a design standpoint and will be running atop Apple’s new A5 CPU (a Cortex A9-based, multi-core chip). This device, like the iPad 2, will feature a Qualcomm chipset that does triple duty as the CDMA / GSM / UMTS baseband processor — from what we hear there’s no LTE in the mix at this point.

Putting CDMA/GSM chipset would completely make sense now that Apple is offering its device to carriers that support CDMA (Verizon).

More details as they come!