The rumors don’t seem to want to end and they most likely will not end until Apple holds up that phone in their media event in a couple of weeks. This one comes from a pretty reputably source, JP Morgan.

Backing up rumors that have been coming out for more than a couple of months now and it seems to be gaining steam with every day. JP Morgan says that Apple will introduce two iPhones in their media event, and iPhone 5 and an iPhone 4+.

A device targeting China could add to Apple’s super growth rates recently exhibited in the region. The new iPhone 5 stands to be based on the iPad 2′s A5 processor or a newer A6 version. We also expect 1GB of RAM to increase memory access times. Other improvements are increased battery life due to advancement in battery technologies, the printed circuit board (PCB), the touch screen, and LCD power consumption metrics.

More info from 9to5Mac:

Piggy-backing on a 9to5Macstory from July about two different iPhones in September, FinancialPostreports on a research note from J.P. Morgan which – surprise, surprise – suggests Apple releasing two iPhone models in the coming weeks. One is a major redesign of the current iPhone 4 – the anticipated iPhone 5 – and the other is an inexpensive handset for the masses tentatively named “iPhone 4-plus” (or iPhone 4S, depending on whom you ask).

The latter will re-use most of the components found in today’s iPhone 4, replacing the $99 iPhone 3GS as the entry-level iPhone. Sporting “minor improvements”, iPhone4-plus is said to cater to low-income markets, specifically China

The device should basically be a thinner, lighter wordlphone (GSM+CDMA) sans the fourth-generation LTE radio technology (which, it increasingly appears, will debut with iPhone 6). The note also backs up reports of an eight-megapixel camera with LED flash on iPhone 5 and a larger screen compared to the iPhone 4′s 3.5-inch Retina Display.

The addition of carriers T-Mobile and Sprint in the United States and potential deals with China Telecom and other carriers in China should result in “a big bang” when the two new iPhones launch in September, Moskowitz concludes. China Telecom is reportedly readying a $235 million ad blitz ahead of iPhone 5. Apple currently deals only with China Unicom, the country’s third-largest wireless operator, but frequently China Telecom and China Mobile are being mentioned in relation to the next iPhone. Last week the New York Timesjoined the craze, re-iterating the blogosphere buzz about two iPhones in September.

Do you have iPhoen 5 fever yet?