Along with the iPhone 5, it's looking increasingly likely that Apple will also unveil a new, cheaper version of the iPhone 4, one with a smaller 8GB hard drive on board.
The new version of the iPhone 4 is projected to cost $99, and show launch "within weeks." It's likely to drop around when the iPhone 5 is announced/released in late September/early October. The Reuters report on the upcoming unveiling also says that we should expect an improved antenna, bigger screen and an eight-megapixel camera in the iPhone 5, all crammed into a similar form factor as the iPhone 4. We'll see!