iPhone 6 rumors have been pouring in thick and fast for the past few months. Today, we have Bloomberg reporting that the Apple's upcoming flagship will feature screens measuring 4.7 inches and 5.5 inches, and will go into production next month in China.

The new iPhones are expected to be rounder and thinner than the current iPhone 5S. The 4.7-inch model is expected to be available around September.

An even larger 5.5-inch model might also become available at the same time, but only in limited quantities because its production is more complicated as it uses a display cover made from sapphire, which isn't sufficiently available.

Apple's manufacturing partners are also gearing up for the launch of the new devices. Last weekend, there were reports that Foxconn is planning to hire 100,000 new workers to help assemble the iPhone 6.

Large screen smartphones are in big demand. In China, for example, 40 percent of Android devices sold this year had display sizes of 5 inches or more. Apple is facing intense competition from other smartphone manufacturers like Samsung, Lenovo and HTC, companies that already offer displays as large as 5.7 inches.

iPhone, which generates more than half of Apple's annual revenue, remains the company's biggest asset. Last year, the smartphone produced $91 billion in revenue, which is more than the total sales of Facebook, Twitter, Yahoo, and Oracle, combined.