Apple's upcoming iPhone 5S is rumored to be more than 30 percent faster than the iPhone 5. Specifically, the next generation A7 chip is said to be 31 percent faster than the A6 that powers the iPhone 5 and the fourth gen iPad according to sources as reported by Fox News anchor Clayton Morris.

A speed increase of this caliber would certainly put Apple's flagship handset in line with other high-end phones on the market from Samsung, HTC and LG. That's especially true when you consider it'll likely be a dual-core chip while virtually every other manufacturer has moved to quad-core components. But perhaps even more interesting are rumors that Apple is also testing 64-bit processors in some of their iPhone 5S prototypes.

9to5Mac said they've heard independent claims that Apple is indeed testing 64-bit chips inside select iPhone 5S prototypes. The bump from 32-bit to 64-bit will reportedly boost the A7's ability to handle tasks like animations, transparencies and other iOS 7 graphic effects. This same chip, or perhaps an even more advanced one, is expected to show up in the fifth generation iPad.

If the move to 64-bit doesn't take place this year, we'll likely see it happen in 2014 with the A8 according to analyst Ming-Chi Kuo.

Apple's next iPhone is widely expected to be revealed alongside a cheaper model known as the iPhone 5C during a press event on September 10.  Cupertino has yet to confirm the date but given the fact that it's fast approaching, we'll likely hear an official announcement this week.