Here's what's expected in the iPhone 7

Leaked photos of iPhone 7?

A dual-lens camera, a thinner, water-resistant chassis but no 3.5-mm headphone jack are among the rumored changes to Apple's upcoming iPhone.

While the iPhone maker has been tight-lipped on what its newest flagship product will look like, reports abound online. Here are a few highlights expected from what would be the iPhone 7, if convention holds. It's expected to be unveiled next week at Apple's newly announced event on Sept. 7 in San Francisco.

  • The iPhone 7 could include updates like "professional class" waterproofing, stereo sound, a touch-sensitive home button, and a darker color option, according to supply chain checks by Deutsche Bank.
  • The displays will remain the same size, but the headphone jack will be removed, unnamed sources told The Wall Street Journal.
  • It's also expected to have a dual-lens camera, according to reports from sites like Mac Rumors.
  • The starting point for storage on the new entry-level iPhone will be 32GB, up from 16GB, according to the Journal.
  • The phone will be thinner, expects KGI Securities analyst Ming-Chi Kuo, as reported by 9to5Mac, and faster.

The most controversial feature — the possible removal of the headphone jack — has some worried that even loyal Apple customers will be pushed too far.

Alongside the new phone, the Apple Watch 2 and new MacBook Pros may also be revealed at the event, technology blog 9to5Mac reports. The wearable may include speed improvements and a GPS chip, according to 9to5Mac, while a slimmer design, Touch ID and a touch panel in place of hardware keys could all be in store for the revamped MacBook.

Wall Street will watch closely to gauge whether new iPhone features are likely to prompt upgrades of the company's best-selling device, or whether the Watch and laptop can supplement a saturated smartphone market and boost Apple's revenues.

Given rumors of the new devices, analysts so far have been split on Apple's prospects as a company. A UBS report estimates that iPhone growth is "a matter of when, not if," while Cowen analysts have seen an older user base that is "ripe for upgrades." BGC's Colin Gillis, on the other hand, wrote that "dynamics of the next iPhone cycle may underwhelm."