Yesterday the news hit the mobile space that Apple will be holding an event on the 4th of October, an event that will for the first time be headed by Apple’s new main man Tim Cook and that that during this event Cook would announce the iPhone 5; however don’t get your hopes up just yet as this may not be the iPhone the iOS faithful expect.

According to the guys over at the Boy Genius Report, although it is expected Apple will announce two new iPhone models this year, according to Brian Blair, an analyst at Wedge Partners, Apple will only launch one iPhone model and that will be the modest upgraded model that resembles the current iPhone 4 rather than the rumoured redesigned iPhone 5.

Blair wrote in a note to investors, “We expect the focus of the new iPhone will be iOS 5, a speedier A5 processor and a higher resolution 8 MP camera with a small possibility of a larger 4 inch screen. We believe the casing will be largely similar to the iPhone with some particular modifications to the antennae [sic]. We don’t expect a second, dramatically different iPhone to accompany this as we don’t think Apple needs to have 3 models in the market to address the high end, mid-tier and low end since the iPhone 4 (with memory lowered to 8 GB) will drop to $99 and effectively attack those markets.”

Although Blair does expect Apple to unveil a further Apple device during the event, apparently a 3G enabled iPod Touch with a cellular data option that will work much like the Apple iPad and enabling users to buy data plans off contract on a month-to-month basis.

Blair says Apple launching two new iPhone models wouldn’t make sense, “Why would Apple bump up only the processor specs of the iPhone 4 in addition to a newly designed iPhone 5 if the goal is to sell it into the pre-paid market at a lower cost? A 4S would simply cost more and a 4S itself wouldn’t create a mid-tier market unless it was priced at $99 and the iPhone 4 went to $49 with the new iPhone at $199. We see this scenario as unlikely.”

So if this analyst is correct in his assumptions, those waiting to see the redesigned iPhone 5 launch at Apple’s October 4th event may find themselves somewhat disappointed, and faced with just a moderately upgraded version of the iPhone 4. I guess we’ll all find out for sure come the 4th of October.