It was just a few weeks ago, that a patent filing for a touchscreen watch sent Apple enthusiasts into a frenzy. Get ready for more Apple rumors.

According to a new report from Apple Insider, the iPhone 5s will be released in August, with a cheaper model aimed at expanding the Chinese market. The iPhone 5 was released on September 12, 2012, so there would be about a year difference in release dates between the 5 and 5s.

This confirms Barclay's analyst Kirk Yang's prediction that the new iPhone 5 release date would be in September of 2013. Yang's review also predicted that Apple would introduce a cheaper iPhone zeroing in on emerging markets. 

The iPhone 5s would be a 'world' phone, meaning that it would be compatabile with most LTE networks, while the Chinese model would not be a world phone. Apple's iPhone 5 requires different models for different LTE networks.

However, the new rumored 5s release date may not be the most interesting iPhone rumor out right now.

According to Fox News, we could see the first color iPhones as early as this summer. The color iPhones would be available in six colors: blue, pink, yellow, silver, black and white—the same colors the iPod touch comes in.

Analyst Brian White of Topeka Capital Markets released a report of the next iPhone release date, as well as his anticipation that iPhone users will finally be opened to a world of color.

"Our checks indicate that the next iPhone will have more choices for customers. This entails an expansion in both the color patterns and screen sizes with the next iPhone (i.e., likely called the iPhone 5S) that we currently believe will be launched in May/June with certain supply production starting in March/April," the report said.

The report also indicated that the colors were tested on the iPod touch and would later be extended to either the next iPhone or iPad.