According to a new report, the next generation iPhone, the “iPhone 4S,” is rumored to be released in October, while the iPad 3 will see a regular yearly upgrade in the Spring.

The report comes from both TiPB and Japanese site Macotakara, with TiPB providing a October 7th launch date. Both sites have claimed that the iPhone 4S will debut in October and that the iPad 3 would be released in the Spring of 2012…

“According to sources, iPhone 4S which is based on iPhone 4(CDMA) and new iPad will be started produce since 1st week in September and will be shipped in late October.”

Both sites suggest that Apple may very well introduce two iPhones this fall. The “iPhone 4S” would be identical to the iPhone 4 but with a faster processor and better cameras along with a cheaper, more affordable price tag. Whereas the “iPhone 5” which will see a complete revamp, will be a higher-end iPhone priced a bit higher than the 4S.

An alleged 2048 x 1536 Retina Display iPad 3 won’t see the light of day until Spring of 2012, despite previous rumors, according to both sites.