MIAMI (CBSMiami.com) – The iPhone 4 has only been out since June of 2010, but Apple is preparing to release the iPhone 5, according to the Wall Street Journal.

According to the Journal, iPhone 5 will be released during a press event on October 4th. In addition, the Journal reports that Apple will also make the device available a few weeks after the announcement.

Besides the importance of the impact of the iPhone 5 on the smart phone market; it will also be new Apple CEO Tim Cook’s first product rollout without Steve Jobs behind him.

Cook needs to hit a home run with his first product to reassure Apple fans, and stockholders, that Apple isn’t just Steve Jobs.

The Journal didn’t report any specific details about the new iPhone. CNet reported Wednesday that Sprint/Nextel will also be selling the new iPhone soon.