Oct 01, 2016 08:52 AM EDT By Vinay Patel, UniversityHerald Reporter

Apple's recently concluded iPhone 7 launch event left avid MacBook fans disappointed, but gave iPhone enthusiasts a lot to cheer about in the form of a radically redesigned iPhone 7. While it's hardly been a month since Apple's new phone hit the store shelves, rumor mills are already churning speculations around a 2017 iPhone.

Although it may seem a bit too early to hazard a guess about the iPhone 8 release date, specs or any other feature for that matter, several reports claim that the purported device will be launched during Apple's celebration of iPhone's 10th Anniversary that is scheduled to take place next year.

Steve Jobs debuted the first iPhone at Apple's annual Macworld Expo back in January 2007. Jobs dubbed the device as a "revolutionary mobile phone" at the time, CNN Money reported.

Fast forward to 2016, Tim Cook launched the long awaited iPhone 7 and dubbed it as the most advanced smartphone in the world.

Now, an Apple employee told Business Insider that iPhone 8 is indeed in the works, and is currently being developed in Apple's manufactory located in Herzliya, Israel. According to the unnamed tipster, the new iPhone 8 will undergo a radical cosmetic overhaul and will boast never-before-seen features, especially in terms of camera and look.

The iPhone 8 will be housed in a glass body and will have edge to edge OLED display, most likely made by Samsung.

However, the South Korean handset maker will not be Apple's only OLED supplier going forward as recent reports claim that company is looking to collaborate with Foxconn-owned Sharp for OLED smartphone screen starting in 2018, Bloomberg reported.

On Friday, September 30 Sharp disclosed that it will invest about $566 million (57.4 billion yen) for the development of OLED production facilities, looking to kick start mass production by June 2018. It remains to be seen if this collaboration comes to fruition. One source stated that the agreement would be based on Sharp's output capacity.

Stay tuned in here for more 2017 iPhone a.k.a. iPhone 8 news, updates and rumors.

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