According to trusted leaker, Mark Gurman, the tech giant will announce when both devices will be launched in September.
However, other sources have claimed the announcement will be in October, so it's best to take this with a pinch of salt.
Gurman responded when asked if there will be an "iPhone event mid September?" with "Yes".
It's been suggested that the announcement will take place the week commencing September 14.
He said: "I wouldn't get too excited about rumors of new Apple products appearing this week. More likely I think: an announcement of the upcoming (of course virtual) September iPhone/Apple Watch event. (sic)"
Typically, Apple unveils their new iPhones on a Tuesday, so there could be an event on September 15.
It was recently rumoured that Apple is planning to stop making the iPhone XR and iPhone 11 Pro once the iPhone 12 launches.
That's according to the Twitter page, iAppleTimes, belonging to a respected leaker, who claimed that they are considering ditching the current handsets to make room for the upcoming device.
Apple's known to get rid of older devices as new ones are released.
The leaker also claimed that the iPhone 11 will still be available, but at a reduced price of $549 (£419), but the iPhone 11 Pro and iPhone 11 Pro Max will not.
Apple previously confirmed that the next iPhone will be slightly later than usual.
Typically, the firm releases their new smartphone in September, but it will pushed back by a month, due to production delays due to the coronavirus pandemic.
During an investors meeting on July 30, Apple executive Luca Maestri said: "Last year we started selling new iPhones in late September.
"This year we expect supply to be available a few weeks later."
It's expected that there will be four versions of the iPhone 12 released, including their first 5G-ready device.