The iPhone 5 is expected to be available in not just 16GB and 32GB models but 64GB as well, according to the latest reports.
After 64GB models were reported from sources within the manufacturers working for Apple, the latest hints come as the iPhone 5 has started appearing in Apple's internal inventory system (where it's dubbed the N94) in three sizes. Given that the current phone is available in 16GB and 32GB, and that we're expected to also see a cut down 8GB iPhone 4 (codenamed N90A), the reasonable conclusion is that we'll see a 64GB iPhone 5.
Dosing the flames of this rumour somewhat are reports that a photograph apparently of a label of a new iPhone shows it being called the iPhone 4S - with a capacity of 16GB. If the 4S does turn out to be the new flagship iPhone, it is likely to look very similar to the iPhone 4 but include an uprated camera and processor. The difficulty being that the existing iPhone 4 certainly didn't have room for the extra memory chip required for 64GB of storage.
Of course, if the iPhone 4S or iPhone 5 does turn up with 64GB of storage it would also suggest we can indeed expect a 128GB iPod touch.
Whatever the truth, we'll be bringing you all the latest when Apple reveals all on the 4th October.